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The Wall Street Journal: Troubled Hanjin Shipping files for bankruptcy in U.S.

South Korea’s Hanjin Shipping Co., one of the world’s largest container shipping companies, has filed for bankruptcy protection in the U.S. to protect its vessels from being seized by creditors.

Hanjin 117930, -13.71% filed Friday for protection under chapter 15, the section of the U.S. bankruptcy code that deals with international insolvency matters, in U.S. Bankruptcy Court in Newark. N.J., days after the company sought protection in South Korea on Wednesday.

The company’s filing for rehabilitation, akin to chapter 11 in the U.S., in Seoul has roiled ports in the U.S. and beyond, as creditors seized ships and terminal operators refused to handle cargo, stranding Hanjin’s container ships loaded with appliances, electronics and other consumer goods.

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