Korea Development Bank met Friday with the Export-Import Bank of Korea, Nonghyup, KB Kookmin, KEB Hana, Woori and Pusan Bank, and agreed to make a decision regarding the future of the struggling shipping conglomerate by May 4.
Seven banks that are creditors of Hanjin Shipping will decide next week whether to restructure the company’s debt and initiate a corporate rehabilitation program, according to the Korea Herald, which cited unnamed sources in a report from the Yonhap news agency.
Korea Development Bank met Friday with the Export-Import Bank of Korea, Nonghyup, KB Kookmin, KEB Hana, Woori and Pusan Bank, and agreed to make a decision regarding the future of the struggling shipping conglomerate by May 4.
Earlier this week, a Yonhap report said the chairman of South Korea’s Financial Services Commission (FSC), Yim Jong-yong said the government “will make a stronger push in restructuring financially-troubled shipping and shipbuilding companies, but the restructuring drive itself should be spearheaded by firms and their creditors.”
Banks to decide on Hanjin restructuring next week
