News / Hanjin creditors can expect to get back less than two cents in the dollar

© Mihail Ivanov

Thousands of creditors of bankrupt ocean carrier Hanjin Shipping can expect to get back less than two cents in the dollar, after it was revealed that claims approved so far total some KRW12tr ($10.5bn).

The mind-boggling extent of the South Korean carrier’s indebtedness was revealed in a declaration and status report filed with the US Bankruptcy Court District of New Jersey on Friday.

The statement also said that the amount recovered from the debtor’s estate had, as at the end of July, reached just KRW250bn ...