Hanjin Shipping’s Doom Spurs Rally in Hyundai Merchant Stock
- Rival’s stock jumps 28% as Hanjin votes for court receivership
- Regulator says Hyundai Merchant may buy Hanjin’s assets
Hanjin Shipping Files for Receivership
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Hanjin Shipping Co., South Korea’s biggest container shipping line, decided to apply for court receivership after lenders halted all support. Shares of Hyundai Merchant Marine Co. surged after the financial regulator said the rival may consider buying parts of the company in distress.
South Korea’s Financial Services Commission said in a statement Wednesday that Hyundai Merchant may consider taking over some of Hanjin Shipping’s assets, including vessels, network and staff. Hyundai Merchant said it will work with authorities to come up with measures without elaborating.