Hyundai Merchant Marine (HMM) has entered into a contract with Hanjin Shipping and Marine Terminals Investment Limited (MTIL) to acquire Hanjin Pacific Corporation’s 100% stake in terminals in Tokyo and Kaohsiung, announces the company’s press release.

Hanjin Pacific Corporation (HPC) is owned by Hanjin Shipping (60%) and Marine Terminals Investment Limited (40%) and operates container terminals in the aforementioned ports of Japan and Taiwan.

HMM has disclosed the acquisition price of about KRW 15 bln (USD 13.15 mln), which includes a purchase and a security deposit on the lease of Tokyo port. The acquisition will be finalized as soon as the detailed due diligence is completed and regulatory approvals for each port are obtained.

HMM reports that this deal secures four of Hanjin Shipping’s terminals for HMM. These include TTI Long Beach (20%), Algeciras (100%), Tokyo (100%), and Kaohsiung (100%).

Meanwhile, today the Seoul Central District Court has declared Hanjin Shipping bankrupt. The court has chosen a bankruptcy administrator and creditors’ claims are due by May 1, 2017. The creditors’ first meeting is to be held on June 1, 2017. The court’s statement highlights that efforts will be made through the bankruptcy process to ensure that the maximum of debt repayment is conducted in a way that is fair and balanced to the creditors.