New Jersey – Troubled container shipper Hanjin Shipping Co Ltd <117930.KS> has filed for bankruptcy in the United States to protect its vessels from being seized by creditors, the Wall Street Journal reported, citing a filing by the South Korean firm.
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The Wall Street Journal, in a report dated Sunday, said Hanjin filed for protection under chapter 15 on Friday to a court in New Jersey. Hanjin filed for court receivership on Wednesday after its creditor banks decided to end financial support for South Korea’s top container shipper.
Hanjin’s shares are set to resume trading on Monday.