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HMM sole bidder for Hanjin’s Asia-US route

[THE INVESTOR] Hyundai Merchant Marine may be the sole bidder for Hanjin Shipping’s Asia-US route, industry sources said on Oct. 27.

HMM, which is currently under a creditor-led restructuring program, is planning to submit a preliminary bid for Hanjin’s lucrative route, the sources said.

Potential bidders are required to submit their bids by Oct. 28. A final bidding is scheduled for Nov. 7.

Hanjin Shipping is seeking to sell its assets in an effort to survive an industry-wide slump and cash shortage.

Earlier this month, Hanjin’s route, seven overseas operations, and five container ships were put on the auction block.

(theinvestor@heraldcorp.com)
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