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South Korea's Hanjin Shipping Says Some Ports Denied Entry To Its Ships

Several ports, including those in China and the United States, have denied entry to ships of South Korea's Hanjin Shipping Co on concerns it won't be able to pay fees after banks halted support to the firm, a company spokeswoman said on Wednesd ...

Daily Headline - global.abi.org - 08/31/2016 - 20:35 - 0 comments

Hanjin Shipping’s Board Votes to File for Court Receivership

Hanjin Shipping Co. will apply for court receivership after lenders decided to halt all support to South Korea’s biggest container shipping line, Bloomberg News reported. The company’s board decided on the move at a meeting in Seoul Wednesday and will fi ...

Daily Headline - global.abi.org - 08/30/2016 - 22:52 - 0 comments

Hanjin Creditors Move Up Meeting on Restructuring Plan

Hanjin Shipping’s creditors have moved up their meeting to consider whether the cargo carrier’s restructuring plan is enough to prevent the company from facing bankruptcy and court receivership. According to The Korea Times, the date for creditors to ...

Daily Headline - global.abi.org - 08/29/2016 - 22:32 - 0 comments

Hanjin Shipping Calls For Help Amid Receivership Threat

Cash-strapped Hanjin Shipping Co. said Sunday that its creditors' extended help is crucial for its survival as its negotiations with owners of chartered ships over a cut in leasing rates and to postpone debt repayments to foreign creditors made sign ...

Daily Headline - global.abi.org - 08/28/2016 - 18:14 - 0 comments

Hanjin Submits Plan To Raise Cash, May Sell More Assets

Hanjin Shipping on Thursday submitted its plan to boost liquidity to the Korea Development Bank, its largest creditor, but gave little details, JOC.com reported. South Korean financial sources have indicated that the plan involves asset sales beyond the ...

Daily Headline - global.abi.org - 08/25/2016 - 23:55 - 0 comments

Hanjin Group Misses Deadline For Additional Financial Support To Rescue Its Shipping Unit

The fate of debt-ridden Hanjin Shipping Co. remains yet uncertain with its parent group having missed the August 20 deadline to submit additional financial support measures to creditors to salvage its shipping unit from heading to court receivership, Pul ...

Daily Headline - global.abi.org - 08/22/2016 - 06:15 - 0 comments

Financial Watchdog Says 32 Firms Need Restructuring

South Korea's financial watchdog on Sunday said 32 big local firms should carry out restructuring, a move that could be aimed at keeping financially troubled companies from further hurting Asia's fourth-largest economy, the Yonhap News Agency r ...

Daily Headline - global.abi.org - 08/07/2016 - 21:47 - 0 comments

South Korea To Ease Capital Control Measures

South Korea is overhauling its capital controls, making it easier to tap overseas markets in a partial reversal of its battle against hot money inflows since the global financial crisis, the Financial Times reported. The move reflects fears that the ...

Daily Headline - global.abi.org - 06/16/2016 - 22:08 - 0 comments

Korea Unexpectedly Cuts Rate to Support Debt Restructuring

South Korea’s central bank unexpectedly cut the benchmark interest rate to a new record low Thursday, citing growing risks to the economy including slowing global trade and the government’s push to restructure indebted companies, Bloomberg News reported. ...

Daily Headline - global.abi.org - 06/09/2016 - 22:17 - 0 comments

Seoul In $9.5 Billion Effort To Calm Shipping Sector Storm

South Korea will pump $9.5bn into state-run policy lenders reeling from huge losses on loans made to the beleaguered shipbuilding and shipping sectors to help them deal with further corporate distress, the Financial Times reported. Corporate restruct ...

Daily Headline - global.abi.org - 06/08/2016 - 20:05 - 0 comments

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