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Hanjin Shipping Co., one of the world’s largest shipping lines, has filed for court receivership in South Korea, as of Wednesday (1st of September).

Hanjin is a South Korean company and one of the two largest from that country. The company has a majority stake in the Port of Long Beach’s largest terminal. Hanjin also owns a majority stake in Total Terminals International, the operator of Long Beach’s largest terminal at Pier T. Hanjin made the filing with the Seoul Central District Court after its banks withdrew their backing, viewing a plan to tackle Hanjin’s debt as insufficient and requiring more capital than previously claimed.

In a statement, South Korea’s Financial Services Commission said that the government will  “promote sales of Hanjin Shipping’s core assets to Hyundai Merchant Marine in a bid to maintain competitiveness of the shipping industry.”