[THE INVESTOR] Five potential buyers including SM Group have submitted their preliminary bids for troubled Hanjin Shipping’s Asia-US route, industry sources said on Oct. 28.

“We will decide on placing a final bid after conducting due diligence of the asset value of the route,” the company said.

Hyundai Merchant Marine, which is currently under a creditor-led restructuring program, also bid for the route sale which includes offices and vessels that operate on the trans-Pacific trade.

The Seoul Central District, overseeing the receivership filing by Hanjin, has invited bidders to turn in proposals as the embattled shipper needs cash to pay back creditors.

Final bids are due by Nov. 7 after due diligence.

By Park Han-na (hnpark@heraldcorp.com)