SEOUL, South Korea (AP) – South Korea’s financial regulator says financially troubled Hanjin Shipping Co. is seeking stay orders in dozens of countries to help minimize disruptions caused by its slide into bankruptcy proceedings.
The Financial Services Commission said Monday that Hanjin, the country’s largest ocean container shipper, will seek bankruptcy protection in 43 countries, including Canada, Germany and Britain.
Officials said the aim is to minimize seizures of Hanjin’s ships by creditors that are disrupting flows of cargo.
Hanjin sought bankruptcy protection in the U.S. and South Korea last week.
With its assets frozen, its ships are being refused permission to offload or take on containers out of concern tugboat pilots or stevedores wouldn’t be paid.
The government said it is preparing to have rival Hyundai Merchant Marine buy out Hanjin’s vessels.