According to MANA, Banks withdrew support for the world's seventh-largest container carrier on Tuesday, saying a funding plan by its parent group was inadequate to tackle the firm's 5.6 trillion won ($5 billion) in debt.
Hanjin Shipping also said one of its vessels, the Hanjin Rome, was seized in Singapore by a creditor on Tuesday, while another vessel, the Hanjin Sooho, was denied entry to a port in Shanghai.
South Korea's Financial Services Commission said Hyundai Merchant Marine Co Ltd (011200.KS), the country's second-largest shipping line, will look to acquire its rival's healthy assets, including profit-making vessels, overseas business networks and key personnel.
The FSC also said Hanjin Shipping's receivership filing would have a limited impact on domestic financial markets.