Hanjin closer to insolvency as rescue plan is rejected

South Korean container carrier Hanjin Shipping must present a new proposal for a rescue plan after creditors on Thursday rejected the latest submission. The company is thus one step closer to entering court receivership.

Photo: Hanjin

Hanjin Shipping's biggest creditor, state-owned Korea Development Bank, rejected the carrier's latest proposed rescue plan on Thursday.

As such, the South Korean container carrier is now one step closer to defaulting and being placed under court receivership, reports Maeil Business News Korea.

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