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Saturday, November 19, 2016

Hanjin Shipping Update - Changes to the Time Table

Yesterday I made the post immediately below this one, discussing transparency issues in the bankruptcy proceedings of Hanjin Shipping.  It was read by thousands of people around the World in a matter of hours.  I subsequently invited those following the case closely in the shipping industry to post court filings to a website that can be made publicly available.  I am happy to help, and await a positive response.

Meanwhile, I was pleased to read that with Hanjin Shipping's extension of time to file a plan - from 23 December 2016 to 3 February 2017 - there has also been an extension of time for creditors to act.  As the Korean court orders are not yet readily accessible to me or other people who would like to see them, the information below is based on what Hellenic Shipping News reported:

"1. The claim investigation/adjudication period has been extended from 15 November 2016 to 5 December 2016;

2. Correspondingly, the one month deadline for creditors whose claims have been rejected in the investigation period to appeal that decision will now be 5 January 2016;

3. The first meeting of interested parties has been moved from 9 December 2016 to 1400 hours on 13 January 2017; and

4. The deadline for submission of the draft rehabilitation plan has been extended from 23 December 2016 to 3 February 2017."

For more information, see: http://www.hellenicshippingnews.com/hanjin-shipping-rehabilitation-changes-to-the-rehabilitation-timetable/

It is my hope that Hanjin Shipping bankruptcy proceedings ancillary to the rehabilitation procedure in Korea, including the United States chapter 15 bankruptcy proceedings, reflect the revised time table.

Further it is my hope that Judges presiding over the various ancillary bankruptcy proceedings and known creditors are advised of the changes to the time table via actual notice provided by Hanjin Shipping counsel on a timely basis.  Also it would be good, given the scope of the case, for Hanjin Shipping to provide publication notice Worldwide, certainly updating www.hanjin.com on an ongoing basis would be a good start.

But not everyone has internet access.  Actually, most people in the World do not.  Notice must be designed to reach as many people affected by the bankruptcy as possible, as soon as possible.  And there is no good reason for notice to not be provided on an ongoing basis.

Your rights may be affected.  The good news is now there is more time to take action that there was before.

Careful before you buy Hanjin Shipping stock.  Why the Hanjin Shipping stock is still trading is beyond me.  The stock of this deeply insolvent company that has sold off key assets seems to be worthless, at least as of today. 

All best to the Hanjin Shipping workers.  The last few months have been brutal - especially for the mariners stranded at sea and on arrested ships and their families.  May they enjoy good health and prosperity.

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