Members of THE Alliance create bankruptcy contingency plan
The Alliance’s members have created a bankruptcy contingency plan following the demise of Hanjin Shipping and the chaos it brought to the global shipping industry.
The five member lines, comprising Hapag-Lloyd, ‘K’ Line, Mitsui O. S. K. Lines (MOL), NYK Line and Yang Ming, will establish an independent trustee to manage funds to be used if an insolvency occurs within the group.
According to a statement from the carriers, “it is envisioned that the fund will be used to continue alliance operations in the event of insolvency of one or more member lines”.
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