Shumaker Manufacturing

A Legal & Industry Review

South Korea’s Hanjin Shipping Files For Bankruptcy Protection

According to the August 31, 2016 edition of the WSJ, South Korea’s Hanjin Shipping Co. filed for receivership under Korean law with the Seoul Central District Court. Hanjin is the world’s seventh-largest shipping line by capacity, whose largest creditor, Korea Development Bank, withdrew its funding support. The WSJ reports that ports have blocked access to Hanjin ships due to concerns it will not pay port fees. The ports include Shanghai and Xiamen in China, Valencia, Spain and Savannah, Georgia. One question is whether Hanjin will file a Chapter 15 proceeding under U.S. bankruptcy law, to protect its assets in the U.S.

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South Korea’s Hanjin Shipping Files For Bankruptcy Protection (Source: WSJ)

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