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[HANJIN CHAOS] Hanjin Shipping to get emergency financial aid from gov’t

[THE INVESTOR] The South Korean government will extend a long-term loan of 100 billion won (US$90.54 million) to financially troubled Hanjin Shipping at low interest rate following its court receivership filing last week.
“The government agreed to provide cheap long-term loans to Hanjin Shipping if Hanjin Group or Chairman Cho Yang-ho offer loan securities that have asset value in Hanjin Shipping,” said Saenuri policy chief Kim Gwang-lim after attending a ruling party-government meeting on Sept. 6.



Kim said the amount of government’s financial support will be “100 billion won plus alpha,” which will enable the container carrier to dock its vessels and offload cargo.

Related ministries will also help Hanjin Shipping to seek stay orders in dozens of countries to protect its vessels from being seized.

By Park Han-na (hnpark@heraldcorp.com)
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