The Seoul court says it has ended corporate rehabilitation proceedings for Hanjin Shipping, which effectively completed procedures to sell its assets.
 
Noting the results of its onsite inspection, the Seoul Central District Court said Thursday that with Hanjin’s transfer of major businesses, it is better to liquidate the shipper than keeping it afloat.
 
Creditors of the cash-strapped shipper can file an appeal against the court’s decision within two weeks.
 
If no appeal is lodged, the court will finalize the closure of rehabilitation proceedings on February 16th and declare the shipper’s bankruptcy the following day.
 
It will then select a bankruptcy administrator and begin liquidation procedures in earnest.

Hanjin, which was the country's number one shipper at one point, was put under court receivership in September last year as its creditors rejected its restructuring plan.