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 for assistance.

Given that that it has taken HMM over three months to reportedly obtain any charter cuts from shipowners, it would seem that Hanjin is already behind the curve.