Seoul court declares Hanjin Shipping bankrupt

Seoul court declares Hanjin Shipping bankrupt

Seoul:

South Korea’s largest shipping company, Hanjin Shipping Co Ltd, was officially declared bankrupt by a local court on Friday, a media report said.
This ended its 40 years of operations after its financial woes shook the international freight markets in September 2016, Efe news reported.

Hanjin, the world’s seventh largest shipping company, declared the suspension of payments on August 31, 2016, and was subsequently put under judicial administration after a court rejected its restructuring plan.

The Seoul Central District Court in February announced the liquidation of most of the company’s assets, including all of its transportation routes, 141 container ships and freighters, and ended the debt repayment process.

The bankruptcy of the company caused almost all international ports to deny its ships access, since it could not pay the fees, which seriously disrupted the traffic of goods by sea for several weeks.

The South Korean shipping company used to deliver shipments to more than 90 major ports and from there to some 6,000 destinations worldwide.

–IANS

 

Business/World

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Seoul court declares Hanjin Shipping bankrupt - NORTH INDIA KALEIDOSCOPE

Rajesh Ahuja

I am a veteran journalist based in Chandigarh India.I joined the profession in June 1982 and worked as a Staff Reporter with the National Herald at Delhi till June 1986. I joined The Hindu at Delhi in 1986 as a Staff Reporter and was promoted as Special Correspondent in 1993 and transferred to Chandigarh. I left The Hindu in September 2012 and launched my own newspaper ventures including this news portal and a weekly newspaper NORTH INDIA KALEIDOSCOPE (currently temporarily suspended).