Hanjin Shipping has filed for bankruptcy in the U.S. following its credit bankers not extending financial support to its operations.
The Wall Street Journal has reported citing a filing by Hanjin Shipping Co Ltd that the troubled shipper has filed for bankruptcy in the United States to protect its vessels from being seized by its creditors.
Hanjin Shipping has filed for bankruptcy protection under Chapter 15 of the act, in a court in New Jersey.
Hanjin had filed for court receivership last week on Wednesday when its credit bankers decided to end financial support for its container shipping business.
Hanjin Shipping is South Korea’s top container shipper.
The trading of its shares are set to resume today.