As expected Hanjin Shipping announced today that its creditor banks have approved its proposal for a voluntary restructuring agreement.
Hanjin Shipping commented in a statement: “This approval by the creditor banks will play a crucial role in our discussions regarding alliance reorganisation and our business normalization efforts such as charter rate reduction.”
Hanjin Shipping, weighed down by debts of more than $5bn, has started negotiating with owners of its chartered in fleet as well as terminal operators to cut costs.
