A spokesperson for Hanjin Shipping has confirmed to Splash that the line is submitting to lead creditor the Korea Development Bank (KDB) a “financial improvement plan” today allaying fears it might miss another crucial deadline.
The spokesperson added that Hanjin Shipping will not be divulging any information of what is contained in the plan to the public.
Hanjin Shipping officials will meet with creditors on September 4 where its fate will be decided. If the line, South Korea’s largest, has met all the demands laid out by its banks then it will avoid court receivership. Its liquidity shortage is estimated to be more than $1bn.
A key stumbling block in Hanjin’s restructuring has been in negotiating cuts to its chartered in fees.