south koreas hanjin shipping declared bankrupt
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

Under the weight of billions of dollars

South Korea's Hanjin Shipping declared bankrupt

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice South Korea's Hanjin Shipping declared bankrupt

Hanjin Shipping
Seoul - AFP

The axe has finally fallen on South Korea's once mighty Hanjin Shipping, with a court in Seoul declaring it bankrupt. The firm was once the seventh-largest of its kind globally, but suffered from sluggish global trade.

A regional court in Seoul on Friday officially declared Hanjin Shipping bankrupt, ushering in the final chapter for the South Korean shipping company, which had struggled for years under the weight of billions of dollars worth of debt.

Hanjin filed for bankruptcy protection in August of last year, owing $5.37 billion (5.03 billion euros) as creditors refused to bail it out.

As a result, dozens of vessels were left stranded around the world as they were refused entry to ports. An accounting firm hired by the Seoul court concluded earlier this year that the firm's liquidation value would be greater than its worth as a going concern.

Slumping trade and mismanagement

Hanjin was once South Korea's biggest shipping company and the seventh-largest in the world. It has since been forced to sell most of its assets at home and abroad to pay off debts, with more than 1,500 employees laid off in the process.

"We will try to ensure that the bankruptcy process will enable the firm to pay off debts to all debt holders in a fair and proper fashion," the court said in a statement.

Trading in the firm's Seoul-listed shares was halted on Friday.

 Hanjin Shipping started going under after the industry suffered its worst downturn in six decades caused by slumping global trade. Mismanagement by top executives was also blamed for the company's collapse.

source: AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

south koreas hanjin shipping declared bankrupt south koreas hanjin shipping declared bankrupt

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

south koreas hanjin shipping declared bankrupt south koreas hanjin shipping declared bankrupt

 



GMT 05:06 2024 Tuesday ,06 February

New hunt for flight MH370 gets under way

GMT 06:15 2018 Tuesday ,23 January

Volkswagen clinches record sales

GMT 20:35 2014 Monday ,08 December

CFP crucial for refining industry in Kuwait

GMT 13:25 2011 Tuesday ,13 December

Latest Call Of Duty Breaks $1bn Sales Record

GMT 06:47 2017 Sunday ,12 February

Fresh whale stranding on notorious New Zealand beach

GMT 10:48 2017 Sunday ,19 November

Industry minister receives Turkish ambassador

GMT 12:35 2015 Saturday ,06 June

Bindi Irwin is all grown up in new Instagram photo

GMT 14:08 2012 Tuesday ,28 August

600 Afghan soldiers killed over last 2 months

GMT 05:27 2011 Wednesday ,21 September

Facebook revenue estimated at $4.27 billion

GMT 20:06 2017 Wednesday ,22 February

Senior Yemeni general killed in Houthi missile attack

GMT 23:18 2016 Sunday ,12 June

Daesh kills 18 civilians trying

GMT 00:47 2017 Tuesday ,10 January

6 policemen killed, 9 injured in Arish attack

GMT 21:54 2017 Thursday ,15 June

Pleasant weather forecast

GMT 16:39 2017 Thursday ,17 August

Maria Sharapova granted wild-card entry

GMT 12:33 2012 Friday ,24 February

10 signs your spouse may be planning to divorce you

GMT 17:32 2017 Tuesday ,25 July

King leading diplomacy to safeguard Jerusalem

GMT 06:58 2012 Sunday ,12 February

Malaysia deports Saudi journalist
Emiratesvoice, emirates voice
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice