A South Korean court declares Hanjin Shipping Co Ltd bankrupt after ruling earlier this month that the firm's liquidation value would be worth more than its value. Samanatha Vadas reports.
One of the world's largest container carriers unable to stay afloat. South Korea's Hanjin Shipping officially declared bankrupt in court on Friday (February 17). The final curtain falling six months after it filed for receivership, leaving more than 100 ships and their cargo stranded at sea after they were blocked from docking at ports from China to Spain. Hanjin later announced it would sell its major businesses including its key Asia to US route. But earlier this month, a court ruled that the company's liquidation value would be worth more than its value as a going concern. It's the first major shipping line to be dragged down by weak global demand for manufactured goods and low freight rates. According to court documents, the company's debt stood at more than five billion dollars at the end of 2015.