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Hanjin Shipping gets three months to settle its future

Korea's debt-stricken Hanjin Shipping has been granted three months to settle its placement in one of the major alliances. This is one requirement from the carrier's biggest creditor.

Photo: Hanjin

Hanjin Shipping, South Korea's largest container carrier, has been granted three month's reprieve from lenders while the carrier negotiates with shipowners and bondholders about a reconstruction of the carrier's sky-high debt.

This is written in a statement from Hanjin's largest creditor, Korea Development Bank, according to Bloomberg. According to the Korean national bank which is likewise the largest creditor in the also suffering Hyundai Merchant Marine (HMM), this requirement is now in place for Hanjin as well, and calls for the carrier to clear up where it will be located in the currently ongoing overhaul of container alliances in the next three months.

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