South Korea prepared to let Hanjin Shipping default

Hanjin Shipping must either fend for itself or file for insolvency, say the South Korean authorities on Wednesday in an unequivocal message to the creditors of the company, which is facing a colossal need for capital.

BY OLE ANDERSEN

South Korea's largest shipping and container carrier Hanjin Shipping, which is suffering under a colossal debt burden, must either solve its problems or enter insolvency. This is the unequivocal message set forth by the country's Financial Services Commission (FSC).

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