Bankruptcy on Horizon for Hanjin Shipping

February 3, 2017

13100 TEU Class HANJIN SOOHO 57348c0a31532

A South Korean court ended Hanjin Shipping Co.’s court receivership process Thursday and expects to declare bankruptcy Feb. 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.

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

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