Hanjin Shipping was officially declared bankrupt by a Seoul court Friday.
The Seoul Central District Court ended the company's struggle after a two-week period for appeals expired, reports the Yonhap news agency.
The court said a bankruptcy trustee will be appointed to lead the sale of the shipping line's assets to pay off debts to creditors
All creditors are required to report their right to claim debts by 1 May 2017.
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