South Korea’s Hanjin Shipping Co. plans to shut down its operations in Europe as the debt-ridden firm approaches insolvency, Wall Street Journal reported, citing a company spokeswoman.

 

The firm, which is South Korea’s largest shipping company, has applied for court approval to close all 10 of its business operations in Europe, including regional headquarters in Germany, the spokeswoman said.

 

Hanjin expects to start the process as soon as this week after receiving approval from the Seoul Central District Court, she added.

 

The decision to close operations in Europe is part of a breakup process that began earlier in October, it was reported.

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