Hanjin Shipping is expected to be finally declared bankrupt on 17 February a Seoul court said yesterday.
The Seoul bankruptcy court decided to end Hanjin’s receivership process on 2 February setting a date of 17 February for the company to be declared bankrupt following appeals.
The court found that Hanjin’s liquidation value would be higher than keeping it as going concern.
The world’s 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.