Singapore court grants reprieve to HanjinSINGAPORE--Singapore's High Court has granted a temporary reprieve to troubled South Korean giant Hanjin, allowing its ships to sail into the city-state without fear of being impounded as it struggles to settle a US$5.37-billion debt. Hanjin, the world's seventh largest shipping firm, on Aug. 31 sought court protection in the industry's biggest-ever bankruptcy filing after creditors rejected its latest plan to get out of debt. The ruling said Hanjin had told the Singapore High Court that its petition was part of a global effort "to prevent piecemeal and haphazard resolution of the company's difficulties" which would impair the firm's recovery. A US court has already issued an order allowing Hanjin to unload some cargo without fear of creditors seizing its ships, a company spokesman said in Seoul onSept. 10. Hanjin had told the Singapore court that the company is scheduled to present a recovery plan by Nov. 25.

Source: The China Post September 16, 2016 16:12 UTC