Creditors pull plug on cash-strapped Hanjin Shipping
( September 8, 2016, 08:56 GMT | Insight) -- South Korea's government and creditors of Hanjin Shipping have decided not to provide financial aid to the cash-strapped shipping line, which is in court receivership, the Herald Economy reports. South Korea's government and creditors of Hanjin Shipping have decided not to provide financial aid to the cash-strapped shipping line, which is in court receivership, the Herald Economy reports. The decision came as a local court asked for fresh financing from creditors in order to address cargo disruptions worldwide triggered by Hanjin's receivership. Previously, Hanjin Group pledged to offer some 100 billion won ($91.7 million), including 40 billion won of group Chairman Cho Yang-ho's own money, to help solve the cargo crisis, but the group’s board of directors failed to approve a promised 60 billion won today, deciding to resume discussions only on Friday. Hanjin needs 170 billion won in order to unload goods currently stranded at sea. A US court accepted the firm's application for bankruptcy protection and asked it to submit a funding plan by Sept. 9. If it fails to do so, its fleet and freight will be seized. ...
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