Been to the ports lately? Well, everyone there is talking about South Korean shipping company Hanjin who recently filed for bankruptcy protection in South Korea and the U.S. Hanjin Shipping is one of the largest ocean shippers in the world, with a large terminal in Long Beach. A group of California’s congressional delegation led a call for federal assistance.
“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.”
It’s a big mess — With its assets frozen, its ships are being refused permission to offload or take on containers out of concern tugboat pilots wouldn’t be paid. Messy.
So when a company seeks bankruptcy protection, it’s the equivalent of ringing the dinner bell for all creditors out there who might be owed something. Dean Sperling Law handles bankruptcy collection matters efficiently for clients and helps them get what’s owed with the least amount of drama.
This one will be interesting to watch, particularly as the federal gov’t decides what role it will play. Hey, sometimes in business bankruptcies, ship does indeed happen. Make sure you’re protected with good legal counsel and action.
More on the case: