Disgraced Korean-American singer wins suit over visa denial
As streaming services raise fees, some turn to illegal streaming sites
BOK holds key rate steady, cuts 2024 growth outlook
Drug addiction treatment to be covered by national insurance
4.0 magnitude earthquake shakes southeastern Korea
Hanjin Shipping may close European operationsBy 박윤아
Published : Oct. 24, 2016 - 10:17
According to the sources, Hanjin Shipping, currently under court receivership, has asked a local court to allow it to sell and liquidate its European operations.
It is unclear whether the court will give the nod to the shipper to proceed with the plan.
Last week, the shipper also said it would sell its stake in a U.S. affiliate that operates a terminal in the Port of Long Beach, California, as part of efforts to raise cash needed to stay afloat.
The move came as the country’s No. 1 shipper is seeking to sell its vessels on its Asia-US route and 10 overseas operations.
Hanjin Shipping was put under court receivership early last month as its creditors, led by the state-run Korea Development Bank, rejected its last self-rescue package worth 500 billion won (US$440 million), which fell short of the 700 billion won demanded by its creditors.
Head of state broadcasting watchdog offers to resign ahead of impeachment vote
Cabinet passes motion requesting parliamentary reconsideration of 'yellow envelope bill'
US slaps additional sanctions against N. Korea in response to spy satellite launch