S.Korea Court Declares Hanjin Bankrupt

File Image: credit Hanjin

Posted by Joseph Keefe

A South Korean court declared Hanjin Shipping Co Ltd
bankrupt on Friday, after ruling earlier this month that 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.

The Seoul Central District Court said in a statement it has
chosen a bankruptcy administrator, and claims by creditors are
due by May 1, 2017. The first meeting of creditors will be held
on June 1, 2017.

"The court will, through the bankruptcy process, make efforts so
the maximum of debt repayment will be conducted in a way that is
fair and balanced to the creditors," it said.

The court on Feb. 2 said it had decided to end the receivership
process in favour of a bankruptcy. (Reporting by Joyce Lee

Feb 17, 2017

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