Hanjin misses key deadline, moves closer to receivership

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.

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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