South Korea's Hanjin Shipping to sell major businesses

October 13, 2016 3:38 AM EDT

A tugboat passes Hanjin Hungary container ship at PSA's Tanjong Pagar terminal in Singapore September 28, 2016. REUTERS/Edgar Su/File Photo

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SEOUL (Reuters) - South Korea's Hanjin Shipping Co Ltd <117930.KS> is selling major businesses, including its Asia-U.S. route network, and will receive letters of intent by October 28, the company said on Thursday.

In a regulatory filing the company said a Seoul court overseeing its receivership process approved a public auction of the major businesses, and it is to get binding bids from interested parties by November 7, after a due diligence process.

(Reporting by Joyce Lee; Editing by Clarence Fernandez)

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