In International Shipping News 31/08/2016
Stakeholders in Hanjin Shipping continued their public confrontation while the fate of the Korean carrier remains at stake. Hanjin Shipping could go under court receivership in the next few days if its main creditor bank and main shareholder fail to reach a last minute accord before the 4 September deadline, when Hanjin’s creditor-led rehabilitation scheme ends.
Hanjin Shipping’s potential bankruptcy would be the largest container shipping failure in history, dwarfing all previous carrier bankruptcies in absolute terms. Based on the Alphaliner carriers league, Hanjin currently is the world’s seventh largest container line. It operates a fleet of 98 cellular ships with a total capacity of 609,500 teu. The company also operates some 44 bulk carriers and tankers, as well as 11 dedicated container terminals around the world.While stakeholders are keen to avoid court receivership for Hanjin, the final decision rests with the main creditor, Korea Development Bank (KDB), which has been pressing for all other parties to bear a bigger share of the cost of Hanjin’s financial restructuring.
KDB announced on 30 August that the Korean creditor banks rejected the selfrescue plans that Hanjin submitted on 25 August and that the banks will halt financial support on 4 September. It continued to call on Hanjin Group and Korean Air Chairman Cho Yang-Ho to inject his personal wealth to save the company.
Source: Alphaliner
