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Hanjin Shipping Wins Court Approval to Wind Down Europe Business

  • Korean container line to shut all 10 branches in Europe
  • Decision part of breakup process following bankruptcy filing
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Hanjin Shipping Looks to Wind Down Europe Business

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Hanjin Shipping Co., South Korea’s largest container line that has put its Asia-U.S. business on sale after filing for bankruptcy protection late August, won approval from a court to wind down its European operations as demand for its services to the continent slumped.

The judge overseeing Hanjin’s receivership at the Seoul Central District Court approved the firm’s request, a court spokesman said. Hanjin will close all its 10 branches in Europe, including its regional headquarters in Germany, the container line’s spokeswoman said separately on Monday. The Seoul-based company expects to start the process as early as this week, she said.