by Andrew BEATTY Agence France-Presse SYDNEY, Australia (AFP) — Airlines worldwide face an unprecedented existential threat as the coronavirus shuts down global travel, leaving governments with controversial and costly decisions about which carriers to bail out. A toxic mix of fear, crippling travel bans and investor panic have pummeled the sector, with demand collapsing and carriers cutting flight capacity by up to 90 percent. One troubled airline, Britain’s Flybe, has already gone to the wall and […]
Tag: bankrupt
S. Korea’s Hanjin Shipping declared bankrupt
SEOUL, South Korea (AFP) — The axe finally fell on South Korea’s once-mighty Hanjin Shipping on Friday as a Seoul court declared it bankrupt after struggling for years under the weight of billions of dollars-worth of debt. Hanjin filed for bankruptcy protection in August owing $5.37 billion as creditors refused to bail it out, with dozens of its vessels stranded outside around the world as they were refused entry to ports. An accounting firm hired […]





