The Seoul District Bankruptcy Department No. 1 court decided to discontinue Cho Yang Shipping Co. Ltd. reorganization proceedings, the cancellation of it's first creditors meeting of August 31 and liquidate the company which now shall be put into the liquidation process in compliance with the corporate law in Korea. The court has determined that the liquidation value of the Company, which was established in March 1961; exceeds the potential future worth under reorganization.

Following froHansung Line leads the bankrupt Choyang

Choyang Shipping Co., Ltd. stepped into the process of the business liquidation as the Seoul District Court sentenced it to abolishment for business adjustment process.m MaritimePress(Korea) / 2001-08-27

Before the judgement by the court, Hansung Line (president Choi Poong Nam) was reportedly transferred the management right in the container routes between Korea-China and Korea-Japan from Choyang Shipping.

The Bankruptcy Department of Seoul District Court said, "Samil Accounting Corporation, an auditing committee for Choyang Shipping, reported that Choyang's liquidation value (KRW 129.6 billion) was higher than its maintenance value (KRW 70.7 billion)."

"So we finally decided to abolish its adjustment process," added the Court.

On the other hand, Hansung Line said , "The agreement about the routes includes Choyang's all rights. We already finished the discussion with relevant companies and will absorb lots of organisations and staves participated the routes from Choyang."