Hanjin Shipping was declared bankrupt Friday, after a South Korean court ruled 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 June 1, 2017.
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