SINGAPORE (Aug 31): Hanjin Shipping Co, South Korea’s biggest container shipping line, is applying for court receivership after running out of cash to pay back its lenders.

The world’s seventh-biggest shipping line by capacity, it had debts totalling KRW6.1 trillion ($7.5 billion) as at June 30, 2016, versus cash and equivalents amounting to KRW180.4 billion, according to its 1H2016 financial report.

Hanjin Shipping was losing money in four out of the past five years and had been attempting to reschedule its debt repayments under a voluntary creditor-led programme since May.

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