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[THE INVESTOR] The state-run Korea Development Bank will loan 50 billion won (US$45.40 million) to cash-strapped Hanjin Shipping to help it unload cargo overseas, according to the lender on Sept. 22.
The KDB, main creditor of the ailing shipper, will offer the emergency fund by having accounts receivable asset of the country’s No. 1 shipping line as a collateral for the senior secured loans, it said.
It will be used to resolve unpaid cargo unloading fees.
The bank will offer the financial aid only if the shipping firm faces cash shortage even after it receives 110 billion won from its parent firm and largest shareholder Hanjin Group and Korean Air.
Related approval process on the fund will be completed as early as this week, KDB said.
Hanjin Shipping was put under receivership early this month as its creditors, led by the KDB, rejected the shipper’s self-rescue plan worth some 500 billion won.
By Park Han-na (hnpark@heraldcorp.com)
The KDB, main creditor of the ailing shipper, will offer the emergency fund by having accounts receivable asset of the country’s No. 1 shipping line as a collateral for the senior secured loans, it said.
It will be used to resolve unpaid cargo unloading fees.
The bank will offer the financial aid only if the shipping firm faces cash shortage even after it receives 110 billion won from its parent firm and largest shareholder Hanjin Group and Korean Air.
Related approval process on the fund will be completed as early as this week, KDB said.
Hanjin Shipping was put under receivership early this month as its creditors, led by the KDB, rejected the shipper’s self-rescue plan worth some 500 billion won.
By Park Han-na (hnpark@heraldcorp.com)
