February 17 is likely to mark the end of what was once of the most high profile brands in container shipping.
A court in Seoul today decided to end Hanjin Shipping’s court receivership process and said it will declare the link bankrupt on February 17 after a two-week period for appeals. The court said Hanjin’s liquidation value was worth more than its value as a going concern.
Hanjin was the world’s seventh largest containerline when applied for court receivership in late August saddled with more than $5bn.
It desperately offloaded assets in recent months in a bid to try and reposition itself as an intra-Asia player, but all to no avail.