Hanjin to be declared bankrupt on February 17

Hanjin to be declared bankrupt on February 17

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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