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Korean Air agrees to provide 60 bln won loan to Hanjin Shipping
By 김화균Published : Sept. 22, 2016 - 08:28
[THE INVESTOR] Korean Air Lines, the largest shareholder of Hanjin Shipping, On Sept. 21 approved plans to provide 60 billion won (US$58.9 million) to the cash-strapped shipper.
The company had initially refused to help out the troubled affiliate citing the lack of collateral Hanjin Shipping could offer.
The 60 billion won will be injected based on accounts receivable, according to Korean Air officials.
The funds from Korean Air will be part of the 100 billion won emergency fund pledged by Hanjin Group.
The remaining 40 billion won will come from the personal accounts of group chairman Cho Yang-ho, part of which have already been injected to bail out a number of Hanjin ships stranded at sea out of fears of being seized by overseas creditors.
Hanjin entered court receivership earlier in the month after its creditors rejected the company‘s 500-billion-won self-rescue plan.
The company has been ordered by the court to submit a self-rehabilitation plan by Nov. 25.
(theinvestor@heraldcorp.com)
The company had initially refused to help out the troubled affiliate citing the lack of collateral Hanjin Shipping could offer.
The 60 billion won will be injected based on accounts receivable, according to Korean Air officials.
The funds from Korean Air will be part of the 100 billion won emergency fund pledged by Hanjin Group.
The remaining 40 billion won will come from the personal accounts of group chairman Cho Yang-ho, part of which have already been injected to bail out a number of Hanjin ships stranded at sea out of fears of being seized by overseas creditors.
Hanjin entered court receivership earlier in the month after its creditors rejected the company‘s 500-billion-won self-rescue plan.
The company has been ordered by the court to submit a self-rehabilitation plan by Nov. 25.
(theinvestor@heraldcorp.com)
