Hanjin's debt restructure plan accepted, but the conditions are challenging

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As expected, troubled South Korean carrier Hanjin Shipping has had its debt-restructuring plan accepted by its creditors, granting it a three-month grace period on payment of interest and loans.

However, in a statement, its main creditor, Korea Development Bank, makes it very clear that the rescue plan could be terminated should Hanjin not succeed in obtaining rate reductions for its chartered-in fleet.

Unlike compatriot HMM, which started seeking charter rate cuts in February, Hanjin has only just written to its shipowner and terminal operator partners asking ...