It's really complicated. There are articles by lawyers.[1] There are many countries involved, with very different bankruptcy laws. Much of this involves admiralty law, which has a very different order of priority of creditors than regular bankruptcy law. Lawyers are struggling to figure out all the conflicts of law.[2]

[1] http://www.chinalawblog.com/2016/09/hanjin-shipping-and-arre... [2] http://www.mondaq.com/unitedstates/x/528816/Insolvency+Bankr...