World's 7th largest shipper files for bankruptcy
Hanjin Shipping, world's seventh-largest container carrier, has filed for bankruptcy protection and asked the court to freeze its assets. This comes after the South Korean carrier's creditors withdrew support, saying its funding plan could not cover its $5 billion debt at the end of 2015. Notably, Hanjin Shipping's bankruptcy would be the largest-ever for a container shipper in capacity terms. 