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. (Update: Hanjin Shipping Seeks to Protect Assets World-Wide)

Hanjin 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.

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