South Korea’s Hanjin Shipping Co. filed for receivership today, as shipping companies world-wide grapple with overcapacity amid a slump in global trade, the Wall Street Journal reported. The filing with the Seoul Central District Court came just a day after the company’s creditors discontinued providing a lifeline after financial assistance of more than 1 trillion won ($896 million) failed to keep it afloat. The court will soon determine whether Hanjin, the country’s largest container operator by capacity, should be liquidated or given a chance to survive after restructuring, the company said.
