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Hanjin Shipping makes key creditor deadline

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.

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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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