Hanjin Shipping will be declared bankrupt today, after suffering from snowballing debt amid a slowdown in the global shipping market.
Seoul Central District Court is expected to declare bankruptcy of the shipper, following a two-week period for appeals. Following the declaration, a bankruptcy trustee will be appointed to lead the sale of Hanjin Shippings remaining assets to pay off debts to creditors.
The declaration would be the end of the 40-year history of the worlds former No. 7 shipper, which once boasted more than 1,300 employees and a massive fleet of 97 container ships and 44 bulk carriers.
As of Thursday, Hanjin Shipping pulled down all pages on its website, including investor relations …
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