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Samsung Has $38 Million of Goods on Board Two Vessels of Bankrupt Hanjin Shipping Co.

Kyunghee Park and Edvard Pettersson, reporting for Bloomberg

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.”

$38 million is probably small potatoes compared to the cost of the Note 7 recall (not to mention any lawsuits they might face over exploded phones), but this adds to a run of bad luck for Samsung.

Thursday, 8 September 2016