  For a bounded Hankel matrix $\Gamma$, we describe the structure of the
Schmidt subspaces of $\Gamma$, namely the eigenspaces of $\Gamma^* \Gamma$
corresponding to non zero eigenvalues. We prove that these subspaces are in
correspondence with weighted model spaces in the Hardy space on the unit
circle. Here we use the term "weighted model space" to describe the range of an
isometric multiplier acting on a model space. Further, we obtain similar
results for Hankel operators acting in the Hardy space on the real line.
Finally, we give a streamlined proof of the Adamyan-Arov-Krein theorem using
the language of weighted model spaces.
