A court in the South Korean capital, Seoul, declared struggling shipping giant Hanjin officially bankrupt on Feb. 17 and ordered the company to liquidate its assets.
The Seoul Central District Court said a bankruptcy trustee will now be appointed to head the sale of the Hanjin's assets, to help pay off debts to the company's creditors.
All creditors are required to report their right to debts by May 1, a court statement said.
RELATED: California town vows to rid itself of Hanjin shipping containers by year's end
Hanjin announced its bankruptcy in August, disrupting supply chains worldwide and leaving several ships adrift as ports were unwilling to take on a ship with no guarantee that docking fees would be paid.