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South Korea's Hanjin Shipping Co., which has led the country's shipping industry for the past four decades, has been declared bankrupt by a South Korean court on Friday.
Hanjin filed for court receivership under heavy debt five months ago.
Seoul Central District Court's judge Choi Ung-young said a caretaker assigned by the coourt will sell any remaining ships and other assets Hanjin still owns to pay off its creditors.
