February 2, 2017 / 8:04 AM / 9 months ago

South Korea court says expects to declare Hanjin Shipping bankrupt on Feb. 17

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.

A Hanjin Shipping Co ship is seen stranded outside the Port of Long Beach, California, September 8, 2016. REUTERS/Lucy Nicholson/File Photo - RTSS0CF

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

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