Hanjin Shipping’s cargo hangs in the balance as it desperately tries to secure additional funds.
According to a spokesman of the Hanjin Group, its chairman has transferred $36 million (40 billion won) to Hanjin Shipping today so as to help it unload stranded cargo on its vessels.
Regulators have warned that securing further funds could however take “considerable time”.
Last week, the Hanjin Group had pledged to raise 100 billion won in order to rescue its cargo. This amount includes the 40 billion won transferred by the group’s chairman, Cho Yang-ho.
Cargo worth nearly $14 billion has been tied up globally as tugboat operators, ports and cargo handling companies are worried regarding their payments since Hanjin Shipping has filed for receivership in a Seoul court earlier this month.
Hanjin Shipping’s top shareholder, Korean Air, has approved a plan to provide a loan of 60 billion won on the condition that Hanjin Shipping provides its stake in the Los Angeles’ Long Beach Terminal as a collateral.
According to a top financial regulator from South Korea, it could take “considerable time” before Korean Air is able to provide the loans to Hanjin Shipping.
“It is being reviewed whether it is possible to secure the funding” from Korean Air, said Dim Jong-yong, Chairman of South Korea’s Financial Services Commission, in a meeting with the ruling party.
On Monday, Choi Eun-young, a former chairwoman of Hanjin Shipping, had pledged to provide $9 million in private funds “within days”.
Categories: Entrepreneurship, HR & Organization, Regulations & Legal, Strategy, Sustainability, Uncategorized
manageria.biz 
Leave a comment