Hanjin family plans share issue for capital increase in Hanjin KAL

© Mihail Ivanov

It’s all eerily familiar: with Hanjin’s financial difficulties showing no signs of abating, the family at the top of the company is planning to subscribe to a new share rights issue in a bid to bolster its coffers. Chairman Cho Yang-ho and six others, including Cho’s three children, will invest a total of W24.7bn ($21m) and will own 27.2% of Hanjin KAL, the holding company that owns both the line and the country’s major airline, Korean Air. It’s unlikely to be enough on its own, however, without major concession also coming from shipowners whose vessels it has on charter.