The South Korean ocean carrier submitted a financial improvement plan to the state-run Korea Development Bank Thursday, but did not reveal details on the plan.
South Korean ocean carrier Hanjin Shipping submitted a financial improvement plan to the Korea Development Bank Thursday, but did not reveal details of the plan.
Korea’s Yonhap News Agency reported that Korea’s largest container carrier “submitted a stronger self-rescue plan, which may include sales of more assets and a capital infusion by its major shareholders,” citing unnamed industry sources, who added the plans were short of what the state-run bank was demanding.
Hanjin initially proposed raising some 400 billion won (U.S. $353 million, based on today’s current exchange rate) via stock sales to its affiliates, but creditors wanted the shipping firm to increase that to 700 billion won, Yonhap said.
Creditors may gather Friday to decide on whether to approve the plan.
Hanjin submits financial improvement plan to Korea Development Bank
