CA lawmakers demand federal help after Hanjin bankruptcy

Lawmakers ask for help after Hanjin Bankruptcy

LONG BEACH, Calif. -- A group of California's congressional delegation led a call Sunday for federal assistance after South Korean shipping company Hanjin filed for bankruptcy protection.

Hanjin Shipping is one of the largest ocean shippers in the world, with a large terminal in Long Beach.  It also operates in the Northwest, with an ownership stake in the operators of the Port of Seattle's Terminal 46.

"Those ports contribute to the global economy and this has the impact of really crippling that," said Rep. Janice Hahn (D-California) at a press conference Sunday, "This is clearly about commerce being stalled right now."

Meanwhile, South Korea's financial regulator says financially troubled Hanjin Shipping Co. is seeking stay orders in dozens of countries to help minimize disruptions caused by its slide into bankruptcy proceedings.
The Financial Services Commission said Monday that Hanjin, the country's largest ocean container shipper, will seek bankruptcy protection in 43 countries, including Canada, Germany and Britain.
Officials said the aim is to minimize seizures of Hanjin's ships by creditors that are disrupting flows of cargo.
Hanjin sought bankruptcy protection in the U.S. and South Korea last week.

With its assets frozen, its ships are being refused permission to offload or take on containers out of concern tugboat pilots or stevedores wouldn't be paid.
The government said it is preparing to have rival Hyundai Merchant Marine buy out Hanjin's vessels.

Associated Press contributed to this report.

Copyright 2016 KING


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