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Hanjin Shipping Declared Bankrupt, Ending 40-Year Run

Hanjin Shipping Declared Bankrupt, Ending 40-Year Run

SEOUL, Feb. 17 (Yonhap) – Hanjin Shipping Co., a major shipping line in South Korea, was officially declared bankrupt by a Seoul court Friday, ending its 40-year run and heralding a fundamental change in the country’s shipping landscape.  The Seoul Central District Court decided to declare bankruptcy for Hanjin Shipping after a two-week period for [...]

Semo Group, Responsible for the Ferry “Sewol,” Expected to Go Bankrupt

Semo Group, Responsible for the Ferry “Sewol,” Expected to Go Bankrupt

SEOUL, May 29 (Korea Bizwire) – The affiliate companies under the direct control of Yoo Byung-eun, the former chairman of Semo Group, are expected to go bankrupt sooner or later. That’s because major creditor banks has already begun recalling their loans from the major Semo affiliates including Chonhaeji, Ahae, and Jongseok Chemical. For example, Korea Development Bank [...]