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South Korean court: Hanjin declare bankruptcy this month

A South Korean court said Thursday it has decided to terminate the receivership procedure of Hanjin Shipping Co Ltd and plans to file for bankruptcy on February 17 after a two-week period for appeals.

The Seoul Central District Court said in a statement that made the decision because the liquidation value of the company would be more valuable than its value as a company.

Hanjin Shipping, which had been the seventh largest containers container in the world, voluntary receivership in late August, after its creditor banks suspended support.

The Swiss maritime group MSC said Wednesday that its unit bought a stake in US port operator Hanjin Shipping, Hanjin the last active to be sold.

 
 

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