이 누리집은 대한민국 공식 전자정부 누리집입니다.
Biz News Korea(Eng)
S. Korea’s Hanjin Shipping on verge of entering court receivership
- Collected
- 2016.08.26
- Distributed
- 2016.08.29
- Source
- Go Direct
The outline includes fund-raising plans by having Korean Air Lines Co., an affiliate and the major stakeholder of the shipper take part in the shipper’s rights offering program and selling a shipping terminal at Long Beach, the U.S. To enhance capital structure, it will reduce the Korean Air’s 33.23 percent equity through cancellation or repurchase of shares and lower vessel leasing fees by 27 percent as well as rescheduling the ship financing worth 300 billion won ($270 million).
Creditors nevertheless decided the plan lacking as it doubts the shipper can raise 1 trillion won to 1.2 trillion won necessary to keep business running until next year. They deem the company can come up with 500 billion won at most from current plan. Personal donation from Hanjin Group Chairman Cho Yang-ho would be limited to participation in the decrease in Korean Air shareholding.
KDB concluded that the new outline has little improved from earlier plan pledging to raise 400 billion won. Hanjin Shipping submits another version on Friday.
If creditors accept the revised version on condition that the shipper can run business normally until next year, they will decide whether to convert around 700 billion won of 5.6 trillion won debt into equity. Otherwise, the shipper is headed straight to court.
By Kim Jung-hwan and Chung Seok-woo
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]