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Korean Air approves loan for Hanjin Shipping

Published 10/09/2016, 06:29
Updated 10/09/2016, 06:40
© Reuters. Hanjin Shipping Co shipping containers are seen stranded on a ship outside the Port of Long Beach
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117930
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SEOUL (Reuters) - Korean Air Lines (KS:003490), the biggest shareholder of Hanjin Shipping (KS:117930), has approved a plan to provide a loan of 60 billion won ($54.16 million) to the troubled shipper.

The support will be offered on condition of securing Hanjin Shipping's Long Beach Terminal as collateral, Korean Air said.

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 seventh-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.

© Reuters. Hanjin Shipping Co shipping containers are seen stranded on a ship outside the Port of Long Beach

($1 = 1,107.7300 won)

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