[HANJIN CRISIS] Creditors refuse to finance Hanjin Shipping

[THE INVESTOR] The creditors of cash-strapped Hanjin Shipping have unanimously decided to end financial support, letting the company go under court receivership, the main creditor Korea Development Bank said on Aug. 30. 

“All creditors came to a unanimous decision that we won’t offer additional support to the company at a meeting today,” an official at the state-run policy bank said. 


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On Aug. 25, the embattled cargo container carrier had mapped out 400 billion won (US$357 million) worth of liquidation measures, but the creditors said that it needs at least 600 billion won to stay afloat. 

By Park Han-na (hnpark@heraldcorp.com)