Hanjin’s parent company to fund unloading of stranded cargo
Hanjin Group and its chairman have announced plans to raise a total of US$91m to fund unloading of cargo on ships stranded following its subsidiary Hanjin Shipping’s bankruptcy last week.
The group plans to provide the shipping company with US$55m, while its chairman Cho Yang-ho would contribute another US$36m from private funds, BBC reported.
South Korean government-backed creditors offered to separately provide the company with at least US$90m in long-term funding if Hanjin provides the necessary collateral [i.e. a form of secondary protection offered against a loan], Reuters reported.
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