Hanjin expected to outline restructuring plans on Wednesday

Hanjin expected to outline restructuring plans on Wednesday

Local media in Seoul is reporting Hanjin Shipping will unveil a creditor-led restructuring program on Wednesday.

The plans are likely to include asset sales, wage freezes and like compatriot Korean line Hyundai Merchant Marine (HMM) Hanjin is likely to enter negotiations with tonnage providers to try and lower the rates of its chartered in fleet.

Hanjin has a couple of months to negotiate its chartering costs as its KRW190bn won ($166.3m) worth of corporate bonds are expected to mature at the end of June.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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