[THE INVESTOR] Hanjin Shipping is likely to be liquidated, local media reported on Feb. 2.
According to reports citing unnamed sources, the Seoul Central District Court plans to announce the end of the revival process in the near future. Unless concerned parties petition to repeal the decision within two weeks, the court can declare the company bankrupt.
Founded in 1977, Hanjin Shipping had once been among the world’s top 10 shipping companies. However, a prolonged slowdown in the industry led to liquidity crisis, and workout process was started in September.
The court’s decision to declare end of revival process is thought to have been prompted by the finalization of the sale of Hanjin Shipping’s network covering Asian and American routes, Total Terminals International and equipment-leasing firm HTEC.
By Choi He-suk (cheesuk@heraldcorp.com)