South Korea’s Hanjin Shipping Co Ltd is selling major businesses, including its Asia to U.S. route network, and will receive letters of intent by Oct. 28, the company said on Thursday.

The sale comes as creditors line up claims less than two months after the company applied for court receivership as the first major shipping line to be dragged down by global industry overcapacity and comparatively low freight rates. The firm had total debt of 6.03 trillion won ($5.41-billion) as of the end of June, according to its court filing.

Hanjin Shipping received court approval to seek buyers for assets in order to pay back creditors now in the process of making claims until Oct. 25. Its container ship capacity had shrunk to 17th place in global rankings as of Oct. 9, according to shipping data provider Alphaliner.

This has been excerpted from the 13 October 2016 edition of The Globe and Mail and is available in its entirety at:
http://www.theglobeandmail.com/report-on-business/international-business/asian-pacific-business/hanjin-shipping-puts-asia-us-shipping-network-up-for-sale/article32346709/