South Korea moves to minimize disruption from shipper's woes

South Korea's financial regulator said Monday that financially troubled Hanjin Shipping Co. will seek stay orders in dozens of countries this week to help minimize disruptions caused by its slide into bankruptcy proceedings

SEOUL, South Korea (AP) -- South Korea's financial regulator said Monday that financially troubled Hanjin Shipping Co. will seek stay orders in dozens of countries this week to help minimize disruptions caused by its slide into bankruptcy proceedings.

The Financial Services Commission said Hanjin, the country's largest ocean container shipper, will seek bankruptcy protection in 43 countries, including Canada, Germany and Britain.

The measure is aimed at "minimizing the cases where Hanjin Shipping's vessels are being seized in foreign countries," South Korea's government said in a statement jointly released by several ministries and commissions.

It said South Korea will ask each country to expedite the "Stay Order" process.

Hanjin sought bankruptcy protection in the U.S. and South Korea last week.

With its assets frozen, its ships are being refused permission to offload or take on containers out of concern tugboat pilots or stevedores wouldn't be paid.

The government said it is preparing to have rival Hyundai Merchant Marine buy out Hanjin's vessels. Yim Jong-yong, the Financial Services Commission's chairman, pushed Hanjin to urgently resolve problems over freight stranded at sea, the Yonhap News Agency reported.

"What's most desirable, of course, is for Hanjin Shipping to revive itself. But many experts' view is that the possibility is low," Yonhap quoted Yim as saying.

Hanjin's share price plummeted about 30 percent early Monday, but a flurry of buying erased most of the loss by midday, when the stock was down 2.8 percent.