The domestic shipping industry, which is already facing difficulty due to a long recession, has been hit by one of its biggest crises due to the collapse of Hanjin Shipping, the Korea Times reported in a commentary. Pressed by snowballing debt, Korea's largest shipper filed for court receivership in August last year. In an effort to stay afloat, the company sold its core assets, including vessels that operate on its lucrative Asia-U.S. route.

A South Korean court said on Thursday it decided to end Hanjin Shipping Co Ltd's court receivership process and expects to declare bankruptcy on February 17 after a two-week period for appeals, Reuters reported. The Seoul Central District Court said in a statement that it made the decision as the firm's liquidation value would be worth more than its value as a going concern. Hanjin Shipping, which had been the world's seventh-largest container shipper, applied for court receivership in late August after its creditor banks halted further support.

Bankrupt South Korean shipping line Hanjin Shipping Co Ltd won U.S. court approval at a hearing on Wednesday for the $78 million sale of its stake in U.S. terminal operator Total Terminals International LLC, overcoming objections of container companies. "My decision is to approve the sale," U.S. Bankruptcy Judge John Sherwood said, adding he would approve the transfer of the sale's proceeds to South Korea.

A South Korean court on Thursday blocked a prosecutor’s attempt to arrest Jay Y. Lee, the leader of Samsung, saying there was not enough evidence that Mr. Lee had bribed President Park Geun-hye, in a scandal that led to her impeachment, the International New York Times reported. A justice on the Central District Court in Seoul, Cho Eui-yeon, rejected the prosecutor’s request to issue an arrest warrant, saying said it was “difficult to recognize the need” to incarcerate Mr. Lee. Mr.

Samsung Group leader Jay Y. Lee left the South Korean special prosecutor's office early on Friday, more than 22 hours after arriving for questioning on bribery suspicions in an influence-peddling scandal that could topple President Park Geun-hye. Lee left the special prosecution office without answering reporters' questions and headed to a waiting car.

The third-generation heir of South Korea’s Samsung conglomerate is being questioned Thursday in relation to suspected bribery, prosecutors said, drawing the country’s biggest and most powerful business group deeper into an unfolding political scandal that has led to the impeachment of the president, The Wall Street Journal reported. Lee Jae-yong, the 48-year-old heir-apparent to the Samsung empire, arrived at the office of the special prosecutor on Thursday morning. The special prosecutors’ office also called on lawmakers to report Mr.

South Korea's Hanjin Shipping Co Ltd said on Tuesday it decided to sell part of its container ship business to Korea Line Corp for 37 billion Korean won ($31.38 million). Korea Line will buy Hanjin's Pacific routes shipping business, relevant client management information, units in seven countries including the United States, China and Vietnam, as well as assets and manpower related to logistics systems, Hanjin said in a regulatory filing. Hanjin said the sale, which will be completed on Jan. 5, 2017, is to secure funds to pay off creditors.

Shipping operator Korea Line Corp. won a contest for some assets of bankrupt Hanjin Shipping Co., whose collapse in late August stranded billions of dollars in cargo at sea, disrupting supply chains world-wide, The Wall Street Journal reported. In a surprise decision, a Seoul court on Monday awarded Korea Line, a midsize bulk-shipping operator, the first right to purchase the assets of Hanjin’s Asia-U.S. route, as well as its stake in a California terminal.

South Korean shipbuilder STX Offshore and Shipbuilding has had its debt restructuring plan approved by its creditors, allowing it to continue operating, IHS Jane’s reported. The company, which owns a major commercial and naval shipyard in Saint-Nazaire in France, is currently being offered for sale by a bankruptcy court overseeing the claims of organisations, which had provided the company with an increasing amount of credit.

South Korea said on Tuesday that 94 out of 97 Hanjin Shipping Co Ltd's container ships have completed unloading as of Nov. 7, Reuters reported. Of the remaining 3 ships, two ships will be unloaded as soon as possible while relevant authorities are in talks with Shanghai port authorities to unload one seized ship in Shanghai, the country's finance ministry and the Ministry of Oceans and Fisheries said in a joint statement. Hanjin filed for court receivership on Aug. 31 after its creditors cut off financial support for the firm.