South Korean cargo company Hanjin Shipping filed for bankruptcy Wednesday, August 31, after creditors cut off funding, the Wall St. Journal reported.
The Seoul Central District Court will determine the future of the company, which according to the report is South Korea’s largest container operator by capacity.
Several options for the company are currently being discussed. They include liquidation, restructuring or the possible purchase of assets by Hanjin rival Hyundai Merchant Marine Co.
The report, citing a Hanjin spokesperson, also said that a number of ports worldwide have refused to give the company’s ships access over concerns that the company will be able to pay fees.