South Korea court declares Hanjin Shipping bankrupt
[SEOUL] A South Korean court declared Hanjin Shipping Co Ltd bankrupt on Friday, after ruling earlier this month that the firm's liquidation value would be worth more than its value as a going concern.
Hanjin Shipping, which had been the world's seventh-largest container shipper, applied for court receivership in late August after its creditor banks halted further support.
The Seoul Central District Court said in a statement it has chosen a bankruptcy administrator, and claims by creditors are due by May 1, 2017. The first meeting of creditors will be held on June 1, 2017.
"The court will, through the bankruptcy process, make efforts so the maximum of debt repayment will be conducted in a way that is fair and balanced to the creditors," it said.
The court on Feb 2 said it had decided to end the receivership process in favour of a bankruptcy.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Tesla sends top executive back to China as sales slump worsens
Qantas boss says demand for premium class seats at record levels
Lyft beats on bookings, adds new riders
Geely, Foretellix partner to jump-start self driving car development
Ferrari posts underwhelming earnings amid flat deliveries
Tesla’s China-made EV sales fall 18% y/y in April