Koreas | Korean Air approves 60 billion won loan for troubled Hanjin Shipping
A Hanjin Shipping Co ship is seen stranded outside the Port of Long Beach, California, September 8, 2016. REUTERS/Lucy Nicholson
A Hanjin Shipping Co ship is seen stranded outside the Port of Long Beach, California, September 8, 2016. REUTERS/Lucy Nicholson

Korean Air approves 60 billion won loan for troubled Hanjin Shipping

September 10, 2016 3:11 AM (UTC+8)

 

SEOUL (Reuters) – Korean Air Lines, the biggest shareholder of Hanjin Shipping, has approved a plan to provide a loan of 60 billion won ($54.16 million) to the troubled shipper.

The support will be offered on condition of securing Hanjin Shipping’s Long Beach Terminal as collateral, Korean Air said.

A Hanjin Shipping Co ship is seen stranded outside the Port of Long Beach, California, September 8, 2016. REUTERS/Lucy Nicholson
A Hanjin Shipping Co ship is seen stranded outside the Port of Long Beach, California, September 8, 2016. REUTERS/Lucy Nicholson

Hanjin Group has pledged to raise a total of 100 billion won ($90 million) in funds to help rescue cargo that is stranded at sea following the failure of Hanjin Shipping, the world’s seventh-largest container carrier.

Out of the 100 billion won, Hanjin Group Chairman Cho Yang-ho will raise 40 billion won from private funds next week.

($1 = 1,107.7300 won)

(Reporting by Hyunjoo Jin; Editing by Himani Sarkar)

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