Ceva reorg accelerates as rumours give way to action
On the move
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An unfortunately obscure headline from the Korean Times, but the nub of it is this: after months of flirting with bankruptcy, Hanjin Group, the South Korean container line’s parent company, has again offered Hanjin Shipping another cash injection, rumoured to be in the region of Won400bn (US$380m). But it comes with caveats, this time in the shape of another management shake-up that will see Hanjin Shipping chairwoman Choi Eun-young hand control of the company to Hanjin Group chairman Cho Yang-ho. What this means in practice is that the box carrier could eventually become a subsidiary of the group’s flagship operation, Korean Air.
Comment on this article
Lou Roll
April 02, 2014 at 1:06 pmThis should be read with the background of the Korean government and major banks tightening their supervision and control over 43 Korean industrial and commerce groups with extensive debt liabilities. On this, see today’s BusinessKorea article, amongst others: http://www.businesskorea.co.kr/article/3889/strengthened-standards-43-major-business-groups-put-under-creditor-management?utm_source=Business+Korea+Daily+Newsletter+Recipients&utm_campaign=e82da91bcb-RSS_NEWSLETTER_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_c5e919851d-e82da91bcb-151594085