Asia/Pacific News
Hanjin Shipping Set for Bankruptcy Declaration
The Seoul Central District Court Thursday decided to end the bankruptcy protection of Hanjin Shipping Co. Ltd (Hanjin Shipping), leaving the company to succumb to a declaration of bankruptcy later this month, South Korean media reports.
As Ship & Bunker reported, Hanjin Shipping, once the world's seventh largest box carrier, filed for court protection on August 31, 2016.
On Thursday, the Seoul court stated it would end the company's court receivership, declaring the company bankrupt February 17, pending a two week period for appeals.
"The liquidation value of the shipping company stands at 1.8 trillion won ($1.57 billion), but its going concern value could not be assessed because of high uncertainty," stated Samil PricewaterhouseCoopers (PwC), which was appointed by the court to assess Hanjin's financial situation, informing the court's decision.
In October, a list of Hanjin Shipping's creditors was released, which included ten bunker companies are collectively owed around $64 million.
