Hanjin Shipping has announced its intention to close its European business operations, reported The Wall Street Journal.
The company will close its regional headquarters in Germany, as well as operations in a further ten countries around the continent.
Stock markets reacted to the closures by seeing Hanjin stocks end trading 12% lower, at 1,000 won.
The process of closing operations is likely to begin later this week, after the Seoul court overseeing the beleaguered shipping line’s receivership approved the move.
It follows approval for the firm to sell its US-Asia assets and the stake it owns in the Long Beach Terminal it co-owns with MSC, in California.
