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.
