South Korean family-controlled conglomerate Hanjin Shipping Co. plans to close its 10 business operations in Europe, a move that
the
Wall Street Journal
called
“the latest sigh that the troubled company may be heading toward liquidation.”
Hanjin, which filed for bankruptcy protection in August, began breaking itself up earlier this month, the
Journal
article said. It plans to cut nearly 60% of its land-based jobs, the article said. The company “has until December to submit a rehabilitation plan to the bankruptcy court, which will then decide whether it can continue operating or be liquidated,” the report said. “However, some analysts said the most likely scenario is that Hanjin will eventually be liquidated.” (Source:
Wall Street Journal,
Oct. 24, 2016.)
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