Hanjin granted emergency loan from key shareholder

Korean Air, the largest shareholder in Hanjin Shipping, has now approved a move to grant the collapsed container carrier a loan of USD 54 million with collateral in outstanding debt from Hanjin's customers, reports Reuters.

Photo: PR-foto/Hanjin Shipping

Collapsed carrier Hanjin Shipping will now receive an emergency loan to help pay for the unloading of the carrier's many stranded container ships, reports Reuters.

The loan is for 60 billion Korean won (USD 54 million) and comes from Korean Air, the biggest shareholder in Hanjin Shipping. The airline tried to get Hanjin's share of the Long Beach terminal as collateral for the loan until the end of last week when this plan was rejected by competing container carrier MSC, which co-owns the terminal.

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