( – FocusAsia Media Ltd

BUSAN, Aug 10 (FAM) – Creditors of Hanjin Shipping, which went bankrupt last year, stand little chance of recovering any of their money, with debts massively outweighing assets.

Court papers filed with the US Bankruptcy Court District of New Jersey show that claims filed by creditors total about $10.5bn. However, the debtor’s estate has recovered only around $220m since Hanjin collapsed at the end of last August, equating to a payout of only $0.02 to each dollar owed, a company attorney has told a New Jersey bankruptcy court.