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South Korea's Hanjin Shipping declared bankrupt

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South Korea's Hanjin Shipping declared bankrupt

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00:00:02
>> One of the worlds largest container carriers unable to stay afloat. South Korea's Hanjin Shipping officially declared bankrupt in court on Friday. The final curtain falling six months after it filed for receivership leaving more than 100 ships and their cargo stranded at sea after they were blocked from docking at ports from China to Spain.
00:00:22
Hanjin later announced it would sell its major businesses including its key Asia to US route. But earlier this month, the court ruled that the company's liquidation value would be worth more than its value as a growing concern. It's the first major shipping line to be dragged down by weak global demand for manufactured goods and low freight rates.
00:00:41
According to court documents, the company's debt stood at more than $5 billion at the end of 2015.