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Biz News Korea(Eng)
Korea’s Hanjin Shipping’s Q2 loss widens, adding burden to rescue plan
- Collected
- 2016.08.18
- Distributed
- 2016.08.18
- Source
- Go Direct
The shipper on Tuesday in a regulatory filing reported 228.9 billion won in operating loss on sales of 1.4 trillion won in the second quarter ended June this year, widening from a loss of 115.8 billion won in the previous quarter. During the year-ago period, it had posted an income. Sales also dropped 27.5 percent on year.
The troubled container carrier began persuading bondholders to convert more than half of their holdings into shares, reschedule payment across three years instead of current two, and lower annual interest rate to 1 percent to help the company stay afloat.
The company will separately meet with bondholders in hopes to reschedule bonds of 190 billion won, 31 billion won, and 200 billion won - or 412 billion won in total - that are due by the end June next year before the creditors’ workout period ends on Sept. 2. The bulk or 80 percent - are held by institutional investors including National Credit Union Federation of Korea and National Agricultural Cooperative Federation.
But without additional rescue funding from Hanjin Group, creditors won’t likely agree to additional relief.
By Yoon Jin-ho
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]