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Korea Air Line fails to decide on Hanjin Shipping rescue funding

Collected: 2016.09.10

Distributed: 2016.09.12

Source: Go Direct

Hanjin Group’s flagship company Korea Air Lines Co. failed to make a decision on providing rescue fund worth 60 billion won ($54.7 million) to help out Hanjin Shipping Co. after its cargo operation was havocked following its file for court receivership last week.

According to Hanjin Group on Friday, the airliner convened a board meeting to approve the proposal for extending 60 billion won to Hanjin Shipping that has been placed under court administration, but failed to come to a decision. It meets again on Saturday.

Hanjin Shipping’s vessels and cargos have been put on a standby at offshore of the ports around of the world in fear of losing the ships and cargoes to creditors.

The delay in rescue funding has placed Korea’s cargoes bound for the U.S. at risk as the U.S. bankruptcy court on Tuesday issued a provisional injunction for Hanjin ships calling at American ports until the shipper submits persuasive payment plans. The final hearing is due on Saturday in Korean time.

Of Hanjin Shipping’s 71 containership routes, North American region makes up 28 percent. Samsung Electronics and LG Electronics make up the bulk of the shipment to the U.S.

The group on Tuesday pledged to raise 100 billion won including private contribution worth 40 billion by Chairman Cho Yang-ho and 60 billion won through Korean Air Line. Cho would be ready to present his share by early next week, said Hanjin Group.

Separately, the representatives of the U.S. Department of Commerce met with Korea’s Oceans and Fisheries Vice Minister Yoon Hag-bae and requested Korean government to step in to prevent further delays in shipment to the U.S.

By Kim Jung-hwan and Ahn Byung-joon

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