As the Korean No.1 and the world No.7 largest shipping company, Hanjin Shipping applied for statutory administration to the Seoul Central District Court of Korea on August 31, 2016 and the court rendered a decision for Hanjin Shipping to commence the bankruptcy and reorganization procedure on September 1, 2016. Hanjin Shipping has officially engaged Zhong Lun (China) to provide legal services on all PRC law matters in relation to the ships, containers and other assets of the company, its debtors and/or creditors as well as the Chinese subsidiaries and branches of Hanjin Shipping involved in the bankruptcy and reorganization. Zhong Lun will be committed to protect the property of Hanjin Shipping and its Chinese subsidiaries and branches as well as the rights and interests of all the creditors.