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Hanjin Says Cargo Owners Withholding $80 Million In Payments

Failed South Korean container carrier Hanjin Shipping Co Ltd (117930.KS) told a U.S. judge on Friday that cargo owners were withholding up to $80 million in payments for completed shipments, complicating the company's ability to move stranded freigh ...

Daily Headline - global.abi.org - 09/25/2016 - 18:44 - 0 comments

Hanjin Shipping Gets Multimillion-Dollar Loan To Unload Stranded Cargo

Hanjin Shipping’s biggest shareholder and lead creditor are to provide funding to pay for the unloading of cargo from dozens of ships stranded at sea after the Korean company collapsed into bankruptcy, The Guardian reported. An estimated $14bn of car ...

Daily Headline - global.abi.org - 09/22/2016 - 23:12 - 0 comments

KDB Considering Lending $45 Million To Help Unload Hanjin Cargo

Korea Development Bank (KDB), the lead creditor of Hanjin Shipping Co Ltd is considering lending about 50 billion won (34.51 million pounds) to help unload stranded cargo, a source with direct knowledge of the matter said on Thursday, Reuters reported. A ...

Daily Headline - global.abi.org - 09/21/2016 - 23:04 - 0 comments

Court Says Hanjin Shipping Rehab Plan 'Realistically Impossible'

The South Korean court overseeing Hanjin Shipping's receivership said a rehabilitation plan is "realistically impossible" if top priority debt such as backlogged charter fees exceed 1 trillion won ($896 million), South Korea's Yonhap ...

Daily Headline - global.abi.org - 09/20/2016 - 23:15 - 0 comments

All Hanjin Shipping Chartered Vessels To Be Returned To Owners After Unloading

All Hanjin Shipping Co Ltd chartered vessels that have completed unloading their cargo have been told to cancel their charter agreements and return the ships to the shipowners, a South Korean judge said on Monday. Hanjin, the world's seventh-largest ...

Daily Headline - global.abi.org - 09/19/2016 - 20:44 - 0 comments

Hanjin Shipping Plan Would See Sale Of Most Of Its Ships

South Korea's Hanjin Shipping Co Ltd, whose collapse has disrupted global trade, is considering a restructuring plan to sell more than half its ships, The Wall Street Journal reported on Friday, citing people familiar with the matter. However, l ...

Daily Headline - global.abi.org - 09/18/2016 - 18:15 - 0 comments

Shareholder Unable To Decide How To Pump Cash Into Hanjin Shipping

In a related story, the Yonhap News Agency reported that Korean Air Lines Co., the largest shareholder of the cash-strapped Hanjin Shipping, was unable to decide on Sunday how to provide funding for the nation's leading container shipping line. An o ...

Daily Headline - global.abi.org - 09/18/2016 - 18:15 - 0 comments

Lack of Planning Hampers Hanjin Shipping Bankruptcy

The Hanjin Shipping Company filed for bankruptcy in South Korea on Aug. 31, and sought recognition of that bankruptcy in the United States under Chapter 15 of the bankruptcy code, which governs such matters. In the meantime, there has been apparent chaos ...

Daily Headline - global.abi.org - 09/15/2016 - 22:49 - 0 comments

Hanjin Shipping Secures $36 Million, More May Take "Considerable Time"

The chairman of Hanjin Group transferred 40 billion won ($36 million) to Hanjin Shipping on Tuesday to help unload cargo stranded on the troubled shipper's vessels, a spokesman said, but regulators warned securing further funds could take "cons ...

Daily Headline - global.abi.org - 09/12/2016 - 22:25 - 0 comments

Bailout For Crisis-Hit Hanjin Shipping Gets Conditional Approval

A key member of South Korea’s Hanjin Group agreed Saturday to a conditional bailout of the group’s shipping unit, whose collapse has sparked turmoil worldwide on the high seas. The board of group unit Korean Air, meeting for the third straight day, decid ...

Daily Headline - global.abi.org - 09/11/2016 - 20:39 - 0 comments

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