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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 […]
(REUTERS) The South Korean court overseeing Hanjin Shipping’s receivership process said on Wednesday that a sale of the world’s seventh-largest container carrier, which collapsed late last month, is one of many options it is considering if the court concludes the company is to be rehabilitated. Judge Choi Ung-young, who serves as a court spokesman for media inquiries on the case, said a sale is possible in principle if it’s deemed the best way to […]
SEOUL , South Korea (AFP) — The chief organiser of the 2018 Winter Olympics in South Korea resigned Tuesday less than two years before the Games begin, citing urgent problems with his troubled shipping business. Cho Yang-Ho, the chairman of Hanjin Group and Korean Air, resigned with immediate effect due to the “critical financial issues” facing Hanjin Shipping, the Pyeongchang 2018 organising committee said in a statement. The statement made no mention of a possible replacement. […]
