SEOUL (Reuters) - A South Korean court said on Thursday it decided to end Hanjin Shipping Co Ltd’s 117930.KS court receivership process and expects to declare bankruptcy on February 17 after a two-week period for appeals.
The Seoul Central District Court said in a statement that it made the decision as 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.
Swiss shipping group MSC said on Wednesday its unit has bought a stake in Hanjin Shipping’s U.S. port operator, the latest Hanjin asset to be sold.
Reporting by Joyce Lee; Editing by Muralikumar Anantharaman