Korea's largest shipping company, Hanjin Shipping,
has reportedly applied for bankruptcy protection
in the United States.
The Wall Street Journal says the application
was lodged last Friday, just two days after
the company applied for protection in Korean
courts.
The filing will prevent creditors from seizing
Hanjin's U.S. assets and block them from launching
further legal action, while the company undergoes
restructuring in Korea.
The report says the U.S. bankruptcy filing
was made by Suk Tai-soo, Hanjin's inside director
and foreign representative.
The company currently operates over 60 regular
lines world-wide, with 140 container or bulk
vessels.
The Wall Street Journal says Hanjin's bankruptcy
will be regarded as "the largest container-shipping
failure in history" dwarfing all previous
carrier bankruptcies.
