Five separate bids have been filed for Hanjin Shipping's Asia-US business.
Compatriot Hyundai Merchant Marine is among those seeking to takeover the business, Bloomberg reports.
"The real issue will be the price and how one evaluates intangible assets," said Ma Ji-hwang, a senior researcher at Hana Institute of told the newswire.
"That's why the due diligence process will be important to shed light on what assets will be available in the sale. The Asia-U.S. shipping operation is pretty much what's going to be left of Hanjin."
Korea Line Corp, Korea Shipping Association, and private equity firm Hahn & Co have also revealed an interest.
Hahn has history with Hanjin having taken a 78% stake in bulkers and LNG carrier spin-off H-Line in June 2014.
Final bids are due by 7 November with a final decision expected the same month.
Hanjin is also seeking in talks to sell its Long Beach container terminal.
HMM's interest comes alongside its new status as the government-appointed South Korean national carrier.
