AsiaContainersDry Cargo
Hanjin misses key deadline, moves closer to receivership
Hanjin Group has missed an August 20 deadline to outline to creditors how it will help fund Hanjin Shipping’s liquidity shortage, putting the line under the grave threat of court receivership in less than a fortnight’s time.
Creditors have been demanding Hanjin Group come up with KRW400bn ($365m) to help fill in the more than $1bn liquidity shortage that South Korea’s top shipping line is facing.
Hanjin Shipping has until September 4 to outline how it intends to fully restructure as well as show creditors that it has managed to cut the fees of its chartered in fleet – a key stumbling block to date with the likes of Seaspan having stubbornly refused to acquiesce to the Korean firm’s pleas.