A South Korean court has declared Hanjin Shipping Co. bankrupt, about six months after the struggling shipper first filed for bankruptcy.
The Seoul Central District Court said Friday it had appointed a bankruptcy administrator and that claims by creditors are due May 1, according to Reuters. The first meeting of creditors will be held a month later.
The South Korean firm was once the seventh-largest shipper in the world. But the company couldn’t overcome the widespread turbulence in the shipping industry, as carriers purchased more and more vessels in hopes that global demand would soon follow.
Hanjin’s financial woes caused a tie-up last fall at ports worldwide, including in Los Angeles and Long Beach, when its cargo ships idled off docks amid fears that creditors would seize the vessels once they reached land.
In January, Hanjin received approval from a U.S. bankruptcy court judge to sell its majority stake in Long Beach container terminal operator Total Terminals International Inc.
At a press conference, President Trump shrugged off a rocky start. An executive order has been drafted to end protection for ‘Dreamers,’ who were brought to the U.S. illegally as children. New York real estate scion Robert Durst confessed to killing a writer, a witness said in court. The Governors Ball after the Oscars will be decked out for the stars.
At a press conference, President Trump shrugged off a rocky start. An executive order has been drafted to end protection for ‘Dreamers,’ who were brought to the U.S. illegally as children. New York real estate scion Robert Durst confessed to killing a writer, a witness said in court. The Governors Ball after the Oscars will be decked out for the stars.
At a press conference, President Trump shrugged off a rocky start. An executive order has been drafted to end protection for ‘Dreamers,’ who were brought to the U.S. illegally as children. New York real estate scion Robert Durst confessed to killing a writer, a witness said in court. The Governors Ball after the Oscars will be decked out for the stars.
At a press conference, President Trump shrugged off a rocky start. An executive order has been drafted to end protection for ‘Dreamers,’ who were brought to the U.S. illegally as children. New York real estate scion Robert Durst confessed to killing a writer, a witness said in court. The Governors Ball after the Oscars will be decked out for the stars.
Nickel Diner owners, Kristen Trattner and Monica May, closed their restaurant in downtown Los Angeles for the day in solidarity with a national "Day Without Immigrants." (Mark Boster / Los Angeles Times )
Nickel Diner owners, Kristen Trattner and Monica May, closed their restaurant in downtown Los Angeles for the day in solidarity with a national “Day Without Immigrants.” (Mark Boster / Los Angeles Times )
Kenneth Turan and Justin Chang chat about the 2017 Academy Awards, and which movie might win for best Picture.
Kenneth Turan and Justin Chang chat about the 2017 Academy Awards, and which movie might win for best Picture.
President Trump met with Israeli Prime Minister Benjamin Netanyahu. A powerful new storm is expected to wallop Southern California on Friday. L.A. Mayor Eric Garcetti says backers of Measure S are engaged in "dirty tricks." 16-year-old Mauricio Gomez is from El Salvador, a country with one of the highest murder rates in the world.
President Trump met with Israeli Prime Minister Benjamin Netanyahu. A powerful new storm is expected to wallop Southern California on Friday. L.A. Mayor Eric Garcetti says backers of Measure S are engaged in “dirty tricks.” 16-year-old Mauricio Gomez is from El Salvador, a country with one of the highest murder rates in the world.
Harvard-Westlake wins 1A opener
Harvard-Westlake wins 1A opener
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