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Hanjin Shipping reportedly looking to push back restructuring deadline

Maeil Business, a South Korean newspaper, is reporting troubled Hanjin Shipping is looking to extend its deadlines to meet all obligations to receive debt relief from creditors by another month.

Sources tell the newspaper senior management at the Korean line feel it is impossible to meet the August 4 deadline set by creditors to get part of its restructuring fixed, including its negotiations with tonnage providers to get charter fees cut. The line is keen to push the deadline back to September.

Hanjin Shipping officials declined to confirm the story when contacted by Splash today.

“I am afraid to tell you that nothing has been decided as of now and it shall be thoroughly discussed with [lead creditor Korea Development Bank],” a spokesperson said.

Failure to comply with creditors’ restructuring demands will risk putting Hanjin Shipping, South Korea’s top line, in court receivership.

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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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