South Korea's government and owner to inject money into Hanjin

Facing the prospects of a logistical nightmare, the South Korean government and Hanjin Group are now both floating the possibility of aiding collapsed container carrier Hanjin with USD 90 million each. But at the moment, the carrier seems to need six times this figure.

Photo: PR-foto/Hanjin Shipping

The South Korean government as well as the owner of collapsed container carrier Hanjin, Hanjin Group, now both float the possibility of providing financial aid to the carrier, reports Bloomberg.

Hanjin Group has promised to provide 100 billion won, around USD 90 million, of which 40 billion won will come from chairman Cho Yang Ho and the remaining 60 billion will be raised with collateral in assets such as Hanjin Group's stake in the Long Beach terminal in Los Angeles.

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