Dive Brief:

• As Hanjin breathes its last, liquidation assets that had previously valued by Samil PwC of $1.53 Billion USD, have thus far earned only $157 million USD, Alphaliner reports.
• Due to liabilities far exceeding company assets, the bankrupt shipper's shareholder equity is valued at -$2.13 billion at the close of September.
• A South Korean court will direct the liquidation of its former leading shipper's remaining assets.

Dive Insight:

Bankruptcies on a scale of Hanjin's leave massive losses in their wake, mostly for creditors and the companies that saw their assets abandoned on Hanjin's ships.

In October, shippers such as Ashley Furniture sought to freeze Hanjin assets locally in hopes of recouping losses from stranded merchandise and the costs associated with hiring another shipper to manage their cargo. However, with a South Korean court ultimately handling the case and a U.S. court merely serving as legal intermediary, Ashley and others were denied the opportunity to successfully petition for — and receive — damages. In Ashley's case as well, no payment was ever made to Hanjin, which weakened the furniture seller's case.

Now, creditors which have not yet filed claims in South Korea must do so by May 1, according to the court handling the sale of Hanjin's remaining assets. With questions regarding the real value of any remaining assets, and particular priority status among the claimants, many will be fortunate to see a fraction of what's owed them.