Korean Air Lines To Support Hanjin Shipping
Korean Air Lines, the biggest shareholder of Hanjin Shipping, has approved a plan to provide a loan of 60 billion won ($55 million) to the troubled shipper.
According to MANA cited by Korean Air,the support will be offered on condition of securing Hanjin Shipping's Long Beach Terminal as collateral.
Hanjin Group has pledged to raise a total of 100 billion won ($90 million) in funds to help rescue cargo that is stranded at sea following the failure of Hanjin Shipping, the world's eighth-largest container carrier.
Out of the 100 billion won, Hanjin Group Chairman Cho Yang-ho will raise 40 billion won from private funds next week.