็Hanjin's board unanimously agreed to make the court filing at a meeting on wednesday, a company spokesman said
it faces a cash shortage after failing to persuade key lenders to reschedule debt under a new restructuring plan shares of Hanjin remain suspended in seoul after plunging by as much as 29% on tuesday.
Hanjin,which is also the world's seventh-largest container line,has been unprofitable for four of the last five years.