Hanjin Shipping, once the largest shipping company in South Korea and the seventh-largest in the world, has been declared bankrupt.
The Seoul Central District Court declared the bankruptcy on Friday as the two-week period for appeal expired.
The court will now appoint a bankruptcy administrator to lead the liquidation procedure to pay off debt. Creditors have until May first to report their claims. The first creditor meeting and credit review will be held at the Seoul Court Complex on June first.
Hanjin was put under court receivership in September last year as its creditors rejected its restructuring plan.