Find a list of your saved stories here

Bankrupt Hanjin selling Port of Seattle terminal operations


Save Story

Save stories to read later


Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

SEATTLE (AP) — Bankrupt shipper Hanjin is selling its Port of Seattle terminal operations to one of the world's largest cargo firms.

The Seattle Times reports (https://goo.gl/b6JDm0 ) Hanjin Shipping Co. will sell its majority stake in the terminal operating companies at the Seattle and Long Beach ports for $78 million.

Hanjin, of South Korea, owns 54 percent of Total Terminals International, the company that operates the Port of Seattle's Terminal 46.

Bankruptcy court filings say the new owner is Luxembourg-based Terminal Investment Limited, an affiliate of Switzerland-based Mediterranean Shipping. The firm helps operate about 30 terminals around the world and already owned the 46 percent of Total Terminals International not owned by Hanjin.

As part of the deal, the new owner is forgiving a $54.6 million outstanding balance due from Hanjin and taking on $202.9 million in debt.

___

Information from: The Seattle Times, http://www.seattletimes.com

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Most recent Business stories

Related topics

Business
The Associated Press

    STAY IN THE KNOW

    Get informative articles and interesting stories delivered to your inbox weekly. Subscribe to the KSL.com Trending 5.
    By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

    KSL Weather Forecast