SEOUL South Korea's Hanjin Shipping Co Ltd KS filed for court receivership on Wednesday after losing the support of its banks, setting the stage for its assets to be frozen as ports from China to Spain denied access to its vessels. Banks led by state-run Korea Development Bank KDB withdrew backing for the world's seventh-largest container carrier on Tuesday, saying a funding plan by its parent group was inadequate to tackle debt that stood at 5.

South Korea’s Hanjin Shipping Closes In on Liquidation - MarketWatch

Tesla needs more money. Trump calls Democrats 'party of slavery'. Even wealthy Qataris taste austerity. Hanjin Shipping, South Korea's biggest shipping firm, announced the filing for receivership and a request to the court to freeze its assets, which the Seoul Central District Court planned to grant, a judge told Reuters, declining to be named. The court will now decide whether Hanjin Shipping should remain as a going concern or be dissolved, a process that usually takes one or two months but is expected to be accelerated in Hanjin's case, the judge said.

A bankruptcy for Hanjin Shipping would be the largest ever for a container shipper in terms of capacity, according to consultancy Alphaliner, exceeding the collapse of United States Lines. Global shipping firms have been swamped by overcapacity and sluggish demand, with Hanjin booking a net loss of billion won in the first half of the year.

Stock Quote - Hanjin Shipping Co Ltd - Bloomberg Markets

South Korea's ailing shipbuilders and shipping firms, which for decades were engines of its export-driven economy, are in the midst of a wrenching restructuring. The KDB's decision to stop backing Hanjin Shipping shows the government is taking a tougher stance with troubled corporate groups. Hyundai Merchant Marine Co Ltd KSthe country's second-largest shipping line, will look to acquire its rival's healthy assets, including profit-making vessels, overseas business networks and key personnel, South Korea's Financial Services Commission said.

A Hyundai Merchant Marine spokesman told Reuters nothing had been decided about the potential acquisition of Hanjin assets and that the firm will hold talks with KDB. Hyundai Merchant Marine is also in the process of a voluntary debt restructuring.

South Korea's oceans ministry estimates a two- to three-month delay in the shipping of some Korean goods that were to be transported by Hanjin Shipping, and plans to announce in September cargo-handling forex card rate of sbi which could include Hyundai Merchant Marine taking over some routes, masters degree in stock trading ministry spokesman said on Choice of currency for the binary option trading. Ports including those in Shanghai and Xiamen in China, Valencia, Spain, and Savannah in the U.

Another vessel, the Hanjin Rome, was seized korea stock market hanjin shipping Singapore late on Monday by a creditor, according to court information.

Shipping industry economics have deteriorated. Container rates from Shanghai to the U. Shares in Hanjin Shipping have been suspended after plunging 24 percent on Tuesday. Korean Air Lines KSHanjin Shipping's largest shareholder, ended 1. KS11on investor relief that the flag carrier would not have to support the troubled shipper going forward.

Additional reporting by Chang-ho Lee in SEOUL and Keith Wallis in SINGAPORE; Writing by Tony Munroe; Editing by Muralikumar Anantharaman. LOS ANGELES Major U. Tesla Inc said the head of its autopilot software, Chris Lattner, left the company in less than six months since joining the electric carmaker. Reuters is the news and media division of Thomson Reuters. Thomson Reuters is the success of trade binary options largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information forex eagle android on Reuters.

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Health Sports Arts Entertainment Oddly Enough. Pictures Home The Wider Image Photographers Focus Hanjin Shipping files for receivership, as ports turn away its vessels.

Autos Wed Aug 31, 7: Suk Tai-soo, president and chief executive officer of Hanjin Shipping Co, arrives at a court in Seoul, South Korea, August 31, The logo of Hanjin Shipping Co is seen on a replica of shipping containers at its headquarters in Seoul, South Korea, August 31, By Joyce Lee and Se Young Lee SEOUL. The Thomson Reuters Trust Principles.

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South Korea says tough luck to Hanjin as shipping line sinks | Reuters

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