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, decided to lend 60 billion won ($55 million) to Hanjin Shipping, two thirds of whose cargo fleet is marooned at sea due to huge debts, Gulf News Shipping reported. “The board members decided to provide the loan but only in exchange for collateral (from Hanjin Shipping),” a company spokeswoman told AFP.

A South Korean court presiding over the rehabilitation process of Hanjin Shipping Co Ltd has asked the firm's lead creditor for fresh funds, warning the troubled container shipper needs financial support this week to normalize operations, Reuters reported. The court did not say how much it had requested from lead creditor Korea Development Bank and government ministries.

South Korea’s Hanjin Group will put up 100 billion won ($90 million) to help Hanjin Shipping Co., as the troubled shipping affiliate struggles to get its stalled supply chain moving globally, The Wall Street Journal reported. The parent of the country’s largest container operator, and the world’s seventh-largest by capacity, will raise 60 billion won, using its stake in a terminal at Port of Long Beach in California and other assets as collateral, the group said Tuesday. The remaining 40 billion won will come from Chairman Cho Yang-ho’s personal wealth.

South Korea’s Hanjin Shipping Co. is taking further legal action in countries beyond the U.S. for protection of its assets as it works to get a frozen supply chain moving again, with more than half its vessels stranded in ports world-wide and at sea, The Wall Street Journal reported. Hanjin plans to file for court protection in about 10 countries, including Canada, Germany and the U.K., this week and later expand that to 43 jurisdictions to protect its ships and other assets from being seized by creditors, South Korea’s Financial Services Commission said Monday.

Hyundai Merchant Marine Co Ltd is in talks with South Korean firms such as home appliance makers Samsung and LG to carry their cargo, the chairman of South Korea's Financial Services Commission told reporters on Monday. Samsung Electronics Co Ltd and LG Electronics Inc have been customers of Hanjin Shipping Co Ltd , a Hanjin spokeswoman previously told Reuters. Shares in Hanjin Shipping slumped by the daily limit of 30 percent in resumed trade on Monday as the South Korean shipping firm struggles to contain the fallout of its collapse.

South Korean container shipper Hanjin Shipping Co Ltd said on Friday its membership in the CKYHE shipping alliance has been suspended, adding to the troubles of the country's top shipping firm, Reuters reported. The firm was notified of the suspension late on Thursday, a Hanjin Shipping spokeswoman said. The alliance includes China COSCO, Yang Ming Marine Transport Corp and Evergreen Marine Corp Taiwan Ltd. Hanjin filed for court receivership on Wednesday after creditor banks decided to end financial support.

In a related story, Reuters reported that Hyundai Merchant Marine Co Ltd said on Thursday it will deploy vessels on routes that bankrupt Hanjin Shipping used to use from South Korea to the United States and Europe, it said in a statement on Thursday. Hyundai Merchant Marine said it will start on Sept. 8 deploying four ships capable of carrying 4,000 twenty-foot equivalent units (TEU) each, on the route between Busan, South Korea, and Los Angeles.

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 Wednesday, Reuters reported. The ports that have so far blocked entry to its ships are Xiamen and Xingang, China; Valencia, Spain; Savannah, United States, and Prince Rupert, Canada, the spokeswoman said.

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 file for receivership this afternoon, a spokesman said. The decision was unanimous.

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 vote on whether to put the shipper under receivership, originally set for Sept. 2, has been moved up to Tuesday, which has already begun in South Korea. The largest creditor, Korea Development Bank, had set a deadline of Sept.