The Wire

Retailers with up to US $43 billion worth of goods on Hanjin container ships are getting worried about their Christmas sales.

Korean sources say there are desperate negotiations going on to takeover the Hanjin Shipping Line, and end the company’s bankruptcy proceedings. On the other hand up to 34 Hanjin ships are doing very slow “donuts” off shore so they are not seized by port authorities.

This crisis has shown that international insolvency laws are totally inadequate and the High Court may be called in to adjudicate.