Suitors move up to starting line for race for Asiana air cargo arm
As Korean Air and Korea Development Bank gear up to select a preferred buyer for ...
© Jdanne
By Alex Lennane
Hanjin – or rather, its customers – has received a small lifeline after its biggest shareholder Korean Air provided Won50bn ($54m) in new loans. The money will be used to relieve the supply chain disruptions, and enable more cargo to be unloaded. The longer the delays, the more debt Hanjin will face, as it must return its ships to the charterers – fees amount to about $2m a day. Despite the payout, which may be matched by Korea Development Bank, Hanjin’s ability to continue to operate in the future remains in doubt, reports Bloomberg.
Comment on this article