A Korean bankruptcy court approved the release of $10 million in funding to unload four Hanjin Shipping Co. chartered ships that have been sitting off the U.S. coast, including at least two off the coast of Southern California, lawyers for Hanjin said.
There are still nine more ships at sea filled with cargo and crews near the United States, said Ilana Volkov, a lawyer for Hanjin during a bankruptcy proceedings on Friday where a federal judge in New Jersey was trying to figure out how to get cargo moving.
Last week’s financial fall of the world’s seventh-largest shipping company has had a stunning ripple effect throughout the United States, leaving ships stacked high with goods as the holiday shopping season looms. Workers can’t unload the cargo because they are not sure they will be paid.
Hanjin has attempted to seek bankruptcy protection in courts around the would.
There are three massive cargo ships that have been moored off the coast of Southern California since the financial collapse of Hanjin last week: the Hanjin Greece, Hanjin Boston and the Hanjin Montevideo, which was placed under arrest last week .
Vokov said there is now money to unload the Greece and Boston, as well as two other ships off the United States coast: Gdyina and Jungil. The fate of the remaining nine ships at sea is unclear.
More to come.