[THE INVESTOR] Hanjin Group, the parent of cash-strapped shipper Hanjin Shipping, said Sept. 6 that it plans to provide some 100 billion won, including 40 billion won of group Chairman Cho Yang-ho’s private assets, to its ailing shipping affiliate to ease deepening shipping chaos triggered by its near collapse.

The hastily drawn-up measure came as the conglomerate came under fire for worldwide cargo disruptions caused after the world‘s seventh-largest container shipping firm filed for court protection in South Korea last week.

Of 97 Hanjin Shipping carriers available, only 36 are operating normally, with the remaining 61 in abnormal status -- with 47 standing by on the high seas, while 12 are banned from loading and unloading at ports in dozens of nations.

The shipper plans to seek stay orders in over 40 countries to prevent its ships from being seized by its creditors.

Earlier in the day, the country’s financial regulator slammed the parent Hanjin Group saying it should work hard to resolve the deepening chaos, urging Cho and Korean Air, the shipper‘s largest shareholder, to take measures to ease the crippled cargo flows.

A local court has ordered the shipper to submit its self-rehabilitation plan by Nov. 25.

Since 2011, Hanjin Shipping has suffered losses. Last week, the creditors rejected Hanjin Shipping’s self-rescue plan worth 500 billion won, saying it is far short of cash needed to save the shipper.

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