Court declares Hanjin Shipping bankrupt

The Seoul Central District Court has declared Hanjin Shipping Co. bankrupt and ordered its liquidation, the Wall Street Journal reported. The company’s stock will be delisted, the article said.

Hanjin is a one of South Korea’s family-controlled conglomerates, known as chaebols.

“With only a few dozen employees left -- compared with when it employed as many as 7,000 as the world’s seventh-biggest shipping company around 2008 -- Hanjin has been selling ships, stakes in seaport terminals and other assets since filing for receivership in August last year,” the Journal report said.

Judge Choi Ung-young said a caretaker appointed by the court will sell Hanjin’s remaining ships and assets to pay off its creditors, according to the report.  (Source: Wall Street Journal, Feb. 17, 2017.)