A SOUTH Korean court presiding over the rehabilitation process of Hanjin Shipping has asked the firm's lead creditor for fresh funds, warning the troubled container line needs financial support this week to normalise operations.
South Korean court asks Hanjin's banker for more money as crisis deepens A SOUTH Korean court presiding over the rehabilitation process of Hanjin Shipping has asked the firm's lead creditor for fresh funds, warning the troubled container line needs financial support this week to normalise operations. However, the court did not say how much it had requested from lead creditor Korea Development Bank and government ministries, Reuters reported. Hanjin Shipping's parent firm said on earlier this week it plans to raise KRW100 billion (US$90 million) to fund the unloading of $14 billion dollars worth of cargo aboard vessels stranded around the world in the wake of its court receivership filing last week. "It is unclear when the KRW100 billion financial support package announced by chairman Cho Yang-ho and Hanjin Group can be executed and this is also far short of the amount needed to normalise Hanjin's operations," the court said. A Korea Development Bank spokesman said he is checking whether the bank has received the court's request. He declined additional comment.