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 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.