September 2, 2016
Photo by Paul Eakins/LABJ
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The bankruptcy of Hanjin Shipping may seem like an isolated event, but expect it to have a major impact on the economy.
Two Hanjin Shipping Co. vessels that had been waiting for more than a week to unload their cargo at the Port of Long Beach after the company filed for bankruptcy have finally been allowed to dock.
Parent plans to sink $90 million into bankrupt Hanjin to get cargo moving at ports.
The fallout from Hanjin Shipping filing for bankruptcy and ceasing operations this week was immediate, as cargo ships sat off the California coast unable to dock and freight companies scrambled to move their cargo.