A South Korean court officially declared Hanjin Shipping bankrupt February 17, clearing the way for the carrier’s liquidation – as reported by US News & World Report.

Once one of South Korea’s industrial titans, the 40-year-old Hanjin accounted for 12% of all inbound shipments brought in to California’s Port of Long Beach in the year prior to its September 2016 collapse, according to Datamyne trade stats.

February 17 was a bad day for South Korea Business leaders, according to US News, as the head of Samsung Group was taken into custody in connection with a bribery case.

Read “Hanjin Shipping Sinks, Samsung Head Arrested in South Korea” »

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