Hanjin Shipping Bankruptcy Declares on Feb. 17

A South Korean court said on Thursday it decided to end Hanjin Shipping Co Ltd's (117930.KS) court receivership process and expects to declare bankruptcy on February 17 after a two-week period for appeals.

News ID: 72068

Date: 02 February 2017 - 15:20

According to MANA, the Seoul Central District Court said in a statement that it made the decision as the firm's liquidation value would be worth more than its value as a going concern.

Hanjin Shipping, which had been the world's seventh-largest container shipper, applied for court receivership in late August after its creditor banks halted further support.

Swiss shipping group MSC said on Wednesday its unit has bought a stake in Hanjin Shipping's U.S. port operator, the latest Hanjin asset to be sold.