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Creditors brace for huge losses as Hanjin liquidation raises just 2.1% of total claims

Creditors brace for huge losses as Hanjin liquidation raises just 2.1% of total claims
The trustee overseeing Hanjin Shipping's bankruptcy proceedings has warned creditors that the Korean line has managed to raise just $220m - just 2.1% of what it owes - nearly one year on from the moment the shipping company sought bankruptcy protection.

Creditors claims mounting against defunct Hanjin Shipping now stand in the region of $10.5bn, according to papers filed at a bankructy court in New Jersey last Friday.

Trustees have been unable to confirm when distributions to creditors will start.

When Hanjin filed for court protection on August 31 it triggered supply chain chaos around the world, officially being declared bankrupt on february 17 this year, becoming the biggest financial casualty in the 61 year history of container shipping.

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