Hanjin Group chairman Cho Yang-Ho said today that Hanjin Shipping could have survived had creditors provided the company with aid, Bloomberg reports.
Cho was speaking at a parliamentary hearing, explaining events that led to Hanjin management opting for court receivership when its creditors, led by Korea Development Bank, ended support for the line by rejecting restructuring plans.
While the sale of Hanjin is under consideration by the court, the company has until December 19 to come up with a rehabilitation plan which Splash understands is likely to recommend a downsizing to an intra-Asia operator.
According to Yonhap News, Cho also apologised for the supply-chain disruptions caused by the company seeking court receivership but also insisted that creditors should have saved the shipping line.
“I feel fully responsible for Hanjin Shipping’s receivership and cargo chaos, but I want to say that we have done everything we can do to save the shipper,” Cho said, having already vowed to put KRW40bn ($36m) of his own money into the ailing company.
“In the immortal words of Mandy Rice-Davies…”