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Samsung Says $38 Million of Goods On Board Two Hanjin Vessels

  • In court filing, Samsung supported Hanjin bankruptcy petition
  • Costs to escalate if cargo remains unloaded, Samsung says
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Hanjin Shipping Woes Give Japanese Rivals Brief Reprieve

Samsung Electronics Co., the world’s biggest smartphone maker, said about $38 million of its goods and parts were on board two vessels operated by the distressed Hanjin Shipping Co., which applied for bankruptcy protection last week.

Supporting Hanjin’s Chapter 15 U.S. Bankruptcy Court petition, Samsung said in a court filing Tuesday that without an order protecting the shipping line against creditors, the vessels won’t be able to dock, causing the South Korean electronics maker losses that may “continue to escalate so long as the cargo aboard these ships remains unloaded.”