April 27, 2024
Industrials
Hanjin Shipping declared bankrupt
[THE INVESTOR] Hanjin Shipping, the nation‘s largest shipping firm in South Korea, was officially declared bankrupt by a Seoul court on Feb. 17, ending its 40-year run.
Hanjin Shipping was put under court receivership in September last year, as its creditors, led by the state-run Korea Development Bank, rejected its self-rescue plan. Its receivership sent a ripple through the global shipping sector and led to a sharp increase in layoffs.
Earlier this month, the Seoul Central District Court said that it decided to end the debt rehabilitation scheme for the shipping line as most of Hanjin’s key assets had been sold.
(theinvestor@heraldcorp.com)
Hanjin Shipping was put under court receivership in September last year, as its creditors, led by the state-run Korea Development Bank, rejected its self-rescue plan. Its receivership sent a ripple through the global shipping sector and led to a sharp increase in layoffs.
Earlier this month, the Seoul Central District Court said that it decided to end the debt rehabilitation scheme for the shipping line as most of Hanjin’s key assets had been sold.
(theinvestor@heraldcorp.com)
