Following Hanjin obtaining a rehabilitation order protecting its assets from creditors in South Korea, Hanjin has obtained a temporary bankruptcy protection order from the District Court of New Jersey.
To date, Hanjin has obtained recognition orders extending the protection afforded by the rehabilitation in South Korea in Tokyo, the UK and the US.
Clyde & Co are already representing a significant number of parties affected by the Hanjin rehabilitation including innocent vessel owners, suppliers and cargo owners. Time continues to be of the essence in terms of seeking relief prior to orders being obtained to further protect Hanjin's assets from creditor parties.
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