S.Korea Court to Declare Hanjin Bankrupt on Feb. 17

Posted by Joseph Keefe

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

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.

Reporting by Joyce Lee

Feb 2, 2017

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