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South Korea's Hanjin Shipping is declared bankrupt

South Korea's Hanjin Shipping is declared bankrupt

South Korea's Hanjin Shipping Co., which has led the country's shipping industry for the past four decades, has been declared bankrupt by a South Korean court on Friday.

Hanjin filed for court receivership under heavy debt five months ago.

Seoul Central District Court's judge Choi Ung-young said a caretaker assigned by the coourt will sell any remaining ships and other assets Hanjin still owns to pay off its creditors.

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