Downfall of South Korean shipping firm tale of chaebol woes
SEOUL, South Korea — South Korea’s top ocean shipping company, Hanjin Shipping Co., is in bankruptcy proceedings following years of losses, as its family-dominated controlling conglomerate struggles to adapt to an era of slowing growth. Founder Cho Choong Hoon started a trucking business in 1945 and made a fortune hauling supplies for U.S. forces during