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You can find the current article at its original source at http://www.theguardian.com/business/2016/oct/24/hanjin-shares-dive-after-move-to-close-european-business
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| Hanjin shares dive after move to close European business Hanjin shares dive after move to close European business | |
| (about 2 hours later) | |
| Shares in Hanjin have fallen almost 14% after the the troubled South Korean shipping giant said it would close its European business. | Shares in Hanjin have fallen almost 14% after the the troubled South Korean shipping giant said it would close its European business. |
| The firm said it had applied for court approval to close all of its European units in more than 10 countries including Germany, where it has its regional HQ, a spokeswoman said. | The firm said it had applied for court approval to close all of its European units in more than 10 countries including Germany, where it has its regional HQ, a spokeswoman said. |
| Hanjin – once the world’s seventh-largest shipping firm – is seeking bankruptcy protection in South Korea and in the US after creditors rejected a plans to deal with a $5.37bn (£4.66bn) debt load. | Hanjin – once the world’s seventh-largest shipping firm – is seeking bankruptcy protection in South Korea and in the US after creditors rejected a plans to deal with a $5.37bn (£4.66bn) debt load. |
| A bankruptcy would be by far the largest in the history of container shipping, which is suffering its worst downturn in six decades owing to slumping global trade and a slowdown in China. | A bankruptcy would be by far the largest in the history of container shipping, which is suffering its worst downturn in six decades owing to slumping global trade and a slowdown in China. |
| The company expects to start the closure process this week after obtaining approval from the courts in Seoul. | The company expects to start the closure process this week after obtaining approval from the courts in Seoul. |
| The news pushed down its share price by 13.9% during trading in Seoul. Almost 80% of Hanjin’s market value has been wiped out over the past year. | The news pushed down its share price by 13.9% during trading in Seoul. Almost 80% of Hanjin’s market value has been wiped out over the past year. |
| Hanjin has been hit hard by the slump in global trade, especially over the past three years, and reported a net loss of more than £342m in the first half of this year. | Hanjin has been hit hard by the slump in global trade, especially over the past three years, and reported a net loss of more than £342m in the first half of this year. |