Hanjin Shipping to Seek Receivership After Losing Banks’ Support

Hanjin Shipping said on Wednesday it would seek court receivership after losing the support of its banks, as ports from China to Spain denied access to its vessels and a rival eyed some of the South Korean container liner’s assets.

Banks led by state-run Korea Development Bank (KDB) withdrew backing for the world’s seventh-largest container carrier on Tuesday, saying a funding plan by its parent group was inadequate to tackle debt that stood at 5.6 trillion won ($5 billion) at the end of...

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