Hanjin Shipping clinches key debt repayment extension

Hanjin Shipping clinches key debt repayment extension

In a significant fillip to Hanjin Shipping’s urgent restructuring plans bondholders have agreed to extend the maturity of debts by four months.

Korean newswire Yonhap reports that the proposal to extend the repayment of $30m worth of debt that matures next week was okayed by bondholders.

As part of Hanjin’s restructuring plans it must, like compatriot Hyundai Merchant Marine (HMM), get the fees it pays for its chartered in fleet cut by around 28% or else face court receivership.

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.

Related Posts