A cash-strapped intra-Asian South Korean operator has filed for court receivership.
Yanghai Shipping Co (YSC Line) has joined South Korea’s casualty list.
The intra-Asian liner operator, which was established two years ago, has filed for court receivership with the Seoul Central District Court.
According to local reports, the company has accumulated a total operating loss of KRW 38.5bn ($35.5m), including financing costs, since its launch in 2009.
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