Hanjin's biggest creditor hesitant with financial help

While USD 14 billion worth of cargo is stranded on Hanjin's vessels, the carrier's biggest creditor, Korea Development Bank, is hesitant to fork out financial aid, reports Reuters. 11,000 jobs are in danger in port city Busan.

Photo: PR-foto/Hanjin Shipping

It will be difficult to give Hanjin Shipping the needed fresh capital, a spokesman for Korea Development Bank, KDB, tells Reuters after the Seoul court presiding over Hanjin's receivership requested more funds from the bank so that Hanjin can normalize operations.

KDB has not yet made a final decision, but Reuters reports that the bank is hesitating because there is no certainty that yet another capital injection would be needed going forward to ensure the company's survival.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Further reading

Related articles

Latest news

See all jobs