SEOUL: Shares in the troubled South Korean shipping giant Hanjin plunged almost 14 per cent Monday after it said it would close its European business.
The firm said it had applied for court approval to close all of its European units in more than 10 countries including Germany, where it has its regional headquarters, a spokeswoman said. Hanjin — the South’s largest shipping company and once the world’s seventh largest — is seeking bankruptcy protection at home and in the US after creditors rejected a plan to deal with a $5.37 billion (Dh19.72 billion) debt load. Its bankruptcy would be by far the largest in the history of container shipping. (AFP)
