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Hanjin to divest dry bulk vessels and property

Korean Hanjin plans to generate USD 357 million by selling items such as dry bulk activities while the debt-stricken shipping group negotiates with shipowners for a reduction in charter contracts. Without lower prices, a debt restructuring will not be an option, say the creditors.

Der bliver igen åbnet op for en storfusion mellem Hyundai merchant Marine Co. og Hanjin Shipping. | Photo: Lee Jin-man/AP/POLFOTO/arkiv

Negotiate the price down on your charter contracts or go bankrupt. This is the ultimatum presented to struggling Hanjin Shipping by its creditors.

Hanjin, according to Bloomberg, will propose selling stakes in dry bulk activities and other units as well as divesting properties and various rights. The shipping group will try to raise a total of USD 357 million.

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