Hanjin Shipping Inaugural Quarterly Bankruptcy Update
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- Hanjin_Shipping_Inaugural_Quarterly_Bankruptcy_Update(2020.2Q).pdf(92.3 KB) 2020-09-0949
Hanjin Shipping Inaugural Quarterly Bankruptcy Update
1. Estate Property Reduced into Cash to Date
A.Balance After Bankruptcy (As of June 30, 2020)
Currency | Balance at Declaration | Realized Cash Amount | Expenses | Balance |
KRW US$ EUR GBP HKD SGD AUD CAD CNY JPY CHF | 19,467,208,479 157,465,922.92 6,399,418.21 500,000.00 4,000,000.00 996,976.00 - - - - - | 61,956,112,027 80,444,555.11 1,512,861.18 424,701.56 10,399,494.86 1,570,773.73 343,244.53 52,590.25 0.01 325,086,511 43,387.42 | 60,158,824,309 136,291,815.30 7,912,279.39 39,140.44 - - - - - 87,860,106 - | 21,264,496,197 101,618,662.73 0 885,561.36 14,399,494.86 2,567,749.73 343,244.53 52,590.52 0.01 237,226,405 43,387.42 |
B.Realized Items After Bankruptcy
Item | Currency | Amount | |
Collected freight, container deposit, etc. | KRW | 1,710,810,886 | |
USD | 33,985,464.91 | ||
EUR | 194,428.20 | ||
GBP | 402,491.63 | ||
HKD | 10,039,451.07 | ||
SGD | 233,065.67 | ||
AUD | 307,451.60 | ||
CAD | 46,635.63 | ||
CNY | 0.01 | ||
JPY | 96,746,856 | ||
CHF | 43,387.42 | ||
Collected receivables | SM Lines Corporation
| KRW | 2,513,855,819 |
Mirae Asset Life Insurance Co., Ltd. | KRW | 6,295,447,365 | |
Tax refunds | KRW USD | 2,549,835,480 1,806,741.04 | |
JPY | 48,757,464 | ||
Security Deposit | KRW | 141,893,240 | |
USD | 1,448,298.47 | ||
SGD | 693,489.70 | ||
Assets sold
| Employee housing (Weolgye/ Deungchon) | KRW | 13,775,754,421 |
Real estate property (Atlanta) | USD | 5,781,676.45 | |
Real estate property (New Jersey) | USD | 698,526.89 | |
Container/ Equipment | KRW | 1,830,799,787 | |
USD | 9,272,132.67 | ||
EUR | 113,877.55 | ||
CAD | 5,700.00 | ||
AUD | 33,300.00 | ||
Vessel (“H. FOS”) | USD | 3,412,525.90 | |
Goodwill (right to transport in relation to S-Oil Corporation) | KRW | 2,328,455,671 | |
USD | 1,827,183.99 | ||
Membership interests | KRW | 5,048,775,400 | |
Stocks sold | Kwangyang Terminal | KRW | 3,509,933,727 |
Gyeongin Terminal | KRW | 880,461,277 | |
Gimpo Terminal | KRW | 18,872,587 | |
Hanjin Pacific | JPY | 179,582,191 | |
Chinese entity | KRW | 1,000,000,000 | |
Tongyoung tugboat | KRW | 739,500,000 | |
International Terminals | KRW | 600,000,000 | |
Hanjin Italy Spa | EUR | 450,000.00 | |
Miscellaneous | KRW | 175,000,000 | |
KRW | 8,144,669 | ||
KRW | 168,393,600 | ||
USD | 26,066.63 | ||
EUR | 620,000.00 | ||
USD | 1,362,947.50 | ||
SGD | 602,475.91 | ||
USD | 1,000,000.00 | ||
KRW | 4,057,535,871 | ||
Rental income | KRW | 4,626,343,645 | |
USD | 2,135,861.55 | ||
Indemnities
| KRW | 984,840,566 | |
USD | 1,163,416.48 | ||
EUR | 134,555.43 | ||
GBP | 21,910.00 | ||
Hanjin Newport Logistics | KRW | 8,141,700,000 | |
USD | 1,011,815.79 | ||
Interest income | KRW | 827,452,675 | |
USD | 6,865,932.95 | ||
HKD | 360,043.79 | ||
SGD | 41,742.45 | ||
AUD | 2,492.93 | ||
CAD | 254.89 | ||
GBP | 300.17 | ||
Total | KRW | 61,956,112,027 | |
USD | 80,444,555.11 | ||
EUR | 1,512,861.18 | ||
GBP | 424,701.80 | ||
HKD | 10,399,494.86 | ||
SGD | 1,570,773.73 | ||
AUD | 343,244.53 | ||
CAD | 52,590.52 | ||
JPY | 325,086,511 | ||
CHF | 43,387.42 | ||
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C. Items to be Realized
# | Property | Estimated Amount (KRW) | Description of Method | |
1 | Receivables | 2,770,000,000 | Via local collection agencies | |
2 | Security deposits under leasehold rights (domestic) | 50,000,000 |
| |
3 | Financial assets (stocks) | 3,000,000,000 | Seek potential purchasers, engage in sale | |
4 | Stock investments | 370,000,000 | Engage in sale, liquidate foreign entities | |
5 | Land/ Building | Apartment (Busan Hanjin Tower) | 4,500,000,000 | Sell through auction |
6 | Claims Refund Etc. | 1,900,000,000 |
| |
Total | 12,590,000,000 |
| ||
2. Pending Litigation
A. As a Named Plaintiff (6 cases)
| # of Cases | Amount in Dispute |
Domestic | 2 | KRW 10,200,000,000 |
Cross-Border | 4 | USD 8,490,000 |
B. As a Named Defendant (125 cases)
| # of Cases | Amount in Dispute |
Domestic | 8 | KRW 38,900,000,000 |
Cross-Border | 117 | USD 82,570,000 |
3. The expected closing of the bankruptcy process
As sale of assets and lawsuits are in progress for the above, we cannot expect the close of the bankruptcy process
4. Contact Points
Bankruptcy Estate: 33, 86 Gil Nonhyun-ro, Gangnam-gu, Seoul
(Yeoksam-dong , 4thFloor,DongCheonBuilding)
Trustee in Bankruptcy: 317, Teheran-ro, Gangnam-gu, Seoul
(Yeoksam-dong, 11thFloor,DonghoonTower)
Contact Details (Bankruptcy Estate):
Name | Responsibilities | Contact |
H.I. Yoo | Oversee realization matters generally | +82-70-4349-7154 |
S.G. Kim | Collection of claims related to vessels on charter | +82-70-4349-7159 |
H.W.Park | Collection of domestic/overseas receivables | +82-70-4349-7157 |
H.G. Lee | Manage estate account, priority and bankruptcy claims | +82-70-4349-7155 |
5. Note
· For any queries, please visit our Q&A page. The Trustee and the assistances will attend to your questions as soon as practicable.