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News ID: 68807 |
Publish Date: 15:20 - 11 September 2016

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.

src="/files/fa/news/es/Thumbnails/0028092f-6edb-43fd-bd6e-0495d8e95a12_260_199.jpg' class='img_convert' title='Korean Air Lines To Support Hanjin Shipping' alt='Korean Air Lines To Support Hanjin Shipping'>
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. 
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