By Joyce Lee

SEOUL, Oct 13 (Reuters)– South Korea’s Hanjin Shipping Co Ltd is offering significant companies, including its Asia to united state path network, and also will certainly obtain letters of intent byOct 28, the firm stated on Thursday.

The sale comes as financial institutions align insurance claims much less than 2 months after the firm obtained court receivership as the very first significant delivery line to be dragged down by international sector overcapacity and also somewhat reduced products prices. The company had overall financial obligation of 6.03 trillion won ($ 5.41 billion) since completion of June, according to its court declaring.

Hanjin Shipping got court authorization to look for customers for possessions in order to repay financial institutions currently in the procedure of making insurance claims up untilOct 25. Its container ship capability had actually diminished to 17th location in international positions sinceOct 9, according to delivering information supplier Alphaliner.

A representative for the Seoul Central District Court looking after Hanjin Shipping’s receivership stated possessions presently ready to be offered consist of the whole procedures of Hanjin Shipping’s united state to Asia paths such as workforce systems, 5 container ships, and also 10 abroad companies.

He decreased to talk about the prospective rate or interested events for the possessions.

The Port of Long Beach stated Wednesday that container quantities in September dropped 16.6 percent from a year earlier, as the impacts of the Hanjin personal bankruptcy got to West Coast ports.

Hanjin Shipping made up roughly 12.3 percent of the port’s overall containerised quantity, it stated.

A representative for carrier Hyundai Merchant Marine (HMM) decreased to talk about whether it wants any one of the possessions to be marketed up until HMM has actually examined the possessions on the block.

Hanjin Shipping shares closed 30 percent on expect the property sales. Until Wednesday, the supply had actually toppled regarding 34 percent given that late August.

(Reporting by Joyce Lee; Additional coverage by Hyunjoo Jin in SEOUL and also Keith Wallis in SINGAPORE; Editing by Kenneth Maxwell and also Christian Schmollinger)

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