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.

News ID: 68807

Date: 11 September 2016 - 15:20

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.