Daewoo Logistics Files for Bankruptcy

6 July 2009 (Last Updated July 6th, 2009 18:30)

South Korea’s shipping and logistics company Daewoo Logistics has filed for receivership at the Seoul District Court. The filing came after POSCO failed to acquire the company. The company is struggling with losses due to the impact of the global economic crisis and

South Korea’s shipping and logistics company Daewoo Logistics has filed for receivership at the Seoul District Court.

The filing came after POSCO failed to acquire the company.

The company is struggling with losses due to the impact of the global economic crisis and declining freight rates.