The end is nigh – Hanjin Shipping expected to be declared bankrupt on 17 Feb – Seatrade Maritime News

Hanjin Shipping is expected to be finally declared bankrupt on 17 February a Seoul court said today.

The Seoul bankruptcy court decided to end Hanjins receivership process on 2 February setting a date of 17 February for the company to be declared bankrupt following appeals.

The court found that Hanjins liquidation value would be higher than keeping it as going concern.

The worlds seventh largest container line filed for receivership on 31 August last year laden by $5bn in debt triggering chaos in the global supply chain.

While officially formulating a rehabilitation plan Hanjin has been selling assets such as its US container terminals and its Asia US business to raise cash to pay of its debts.

Read all the background to the Hanjin Shipping …