31 Aug South Korea’s Hanjin Shipping Files for Bankruptcy Protection
South Korea’s Hanjin Shipping Co. filed for receivership Wednesday, as shipping companies world-wide grapple with overcapacity amid a slump in global trade.
The filing with the Seoul Central District Court came just a day after the company’s creditors discontinued providing a lifeline after financial assistance of more than 1 trillion won ($896 million) failed to keep it afloat.
The court will soon determine whether Hanjin, the country’s largest container operator by capacity, should be liquidated or given a chance to survive after restructuring, the company said.
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