Hanjin Shipping declared bankrupt

Closed sign - bankruptcy

With no rescuer offering to step in, all that remains of the company will now be liquidated following the decision of a South Korea court. Hanjin, formerly one of the world's largest cargo shipping companies, suffered like other companies after shipbuilding companies built or odered too many ships in relation to global shipping demand which dropped sharply after the global financial crisis in 2008. Hanjin had £4.1bn of debt when creditors decided to stop lending to it in August last year. The ne