S Korea's 'mighty' Hanjin Shipping declared bankrupt

The axe finally fell on South Korea's once-mighty Hanjin Shipping on Friday as a Seoul court declared it bankrupt after struggling for years under the weight of billions of dollars-worth of debt.

Hanjin filed for bankruptcy protection in August owing $5.37 billion as creditors refused to bail it out, with dozens of its vessels stranded outside around the world as they were refused entry to ports.

An accounting firm hired by the Seoul court concluded earlier this month that the firm's liquidation value would be greater than its worth as a going concern.