SEOUL (Reuters) - A South Korean court declared Hanjin Shipping Co Ltd <117930.KS> bankrupt on Friday, after ruling earlier this month that the firm's liquidation value would be worth more than its value as a going concern.
Hanjin Shipping, which had been the world's seventh-largest container shipper, applied for court receivership in late August after its creditor banks halted further support.
The Seoul Central District Court said in a statement it has chosen a bankruptcy administrator, and claims by creditors are due by May 1, 2017. The first meeting of creditors will be held on June 1, 2017.
- All of these celebrities have had their nudes leaked 35 Pictures
- PHOTOS: Apple Emoji update includes a llama, skateboard and some bagel drama 24 Pictures
"The court will, through the bankruptcy process, make efforts so the maximum of debt repayment will be conducted in a way that is fair and balanced to the creditors," it said.
The court on Feb. 2 said it had decided to end the receivership process in favor of a bankruptcy.
(Reporting by Joyce Lee; Editing by Muralikumar Anantharaman)