SEOUL: Troubled compartment shipper Hanjin Shipping Co Ltd has petitioned for chapter 11 in the United States to shield its vessels from being seized by loan bosses, the Wall Street Journal reported, refering to a recording by the South Korean firm.
The Wall Street Journal, in a report dated Sunday, said Hanjin petitioned for security under section 15 on Friday to a court in New Jersey. Hanjin petitioned for court receivership on Wednesday after its leaser banks chose to end monetary backing for South Korea's top holder shipper.
In Seoul on Monday morning as exchanging continued after a Seoul court chose to initiate a restoration continuing for the South Korean delivering firm.
Offers in Hanjin Shipping were down 25 percent at 934 won ($0.8392) starting 0008 GMT (8.08 p.m. ET) , having prior drooped to 870 won, their most reduced since December 2009.
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