File photo shows Hanjin Shipping Co ship stranded outside the Port of Long Beach, California, September 8, 2016. REUTERS/Lucy Nicholson
SEOUL, Feb 2 (Reuters) – A South Korean court said on Thursday it decided to end Hanjin Shipping Co Ltd’s court receivership process and expects to declare bankruptcy on February 17 after a two-week period for appeals.
The Seoul Central District Court said in a statement that it made the decision as the firm’s liquidation value would be worth more than its value as a going concern.
Hanjin Shipping, which had been the world’s seventh-largest container shipper, applied for court receivership in late August after its creditor banks halted further support.
Swiss shipping group MSC said on Wednesday its unit has bought a stake in Hanjin Shipping’s U.S. port operator, the latest Hanjin asset to be sold. (Reporting by Joyce Lee; Editing by Muralikumar Anantharaman)
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