Home

The Korea Herald

Latest news

Most Popular

  1. 1

    ‘Gimflation’ in S. Korea as dried seaweed prices grow on rising global demand

    ‘Gimflation’ in S. Korea as dried seaweed prices grow on rising global demand
  2. 2

    S. Korea's gender pay gap worst in OECD

    S. Korea's gender pay gap worst in OECD
  3. 3

    Yoon to resume diplomatic activity via 3-way summit with Japan, China

    Yoon to resume diplomatic activity via 3-way summit with Japan, China
  4. 4

    SM, YG Entertainment’s K-pop groups benefit from troubles at Hybe

    SM, YG Entertainment’s K-pop groups benefit from troubles at Hybe
  5. 5

    South Korea unveils W26tr support program for chip industry

    South Korea unveils W26tr support program for chip industry
  1. 6

    S. Korea to hold rotating presidency of UN Security Council next month

    S. Korea to hold rotating presidency of UN Security Council next month
  2. 7

    Yoon rejects Lee's proposal for pension reform talks

    Yoon rejects Lee's proposal for pension reform talks
  3. 8

    Student nabbed for biking naked 'due to stress'

    Student nabbed for biking naked 'due to stress'
  4. 9

    Police arrest mastermind behind last year's palace vandalism

    Police arrest mastermind behind last year's palace vandalism
  5. 10

    Chonnam international student found dead

    Chonnam international student found dead
ssg
피터빈트

[HANJIN CHAOS] Hanjin Group allocates W100b to ease cargo chaos

By 김화균

Published : Sept. 6, 2016 - 13:51

    • Link copied

[THE INVESTOR] Hanjin Group, the parent of cash-strapped shipper Hanjin Shipping, said Sept. 6 that it plans to provide some 100 billion won, including 40 billion won of group Chairman Cho Yang-ho’s private assets, to its ailing shipping affiliate to ease deepening shipping chaos triggered by its near collapse.



The hastily drawn-up measure came as the conglomerate came under fire for worldwide cargo disruptions caused after the world‘s seventh-largest container shipping firm filed for court protection in South Korea last week.

Of 97 Hanjin Shipping carriers available, only 36 are operating normally, with the remaining 61 in abnormal status -- with 47 standing by on the high seas, while 12 are banned from loading and unloading at ports in dozens of nations.

The shipper plans to seek stay orders in over 40 countries to prevent its ships from being seized by its creditors.

Earlier in the day, the country’s financial regulator slammed the parent Hanjin Group saying it should work hard to resolve the deepening chaos, urging Cho and Korean Air, the shipper‘s largest shareholder, to take measures to ease the crippled cargo flows.

A local court has ordered the shipper to submit its self-rehabilitation plan by Nov. 25.

Since 2011, Hanjin Shipping has suffered losses. Last week, the creditors rejected Hanjin Shipping’s self-rescue plan worth 500 billion won, saying it is far short of cash needed to save the shipper.

(theinvestor@heraldcorp.com)

More from Headlines