Creditors Could Have Saved Hanjin, Chairman Claims


Hanjin Shipping Co. could have survived with the aid of its creditors said Group Chairman, Cho Yang-ho, Bloomberg reported.

In his first public comment since the shipping line entered receivership on August 31, 2016, Cho said “We believe Hanjin Shipping’s troubles could have been avoided if creditors had provided support,

“We had submitted to creditors a plan to inject 500 billion won ($451 million) into Hanjin Shipping over a two-year period.”

The fate of the company is now in the hands of a Seoul court, who are currently mulling the sale of the entire company. It has given Hanjin until December 23 to submit its proposal for revival.

Cho said: “Shipping is an important part of Korea’s economy as it handles more than 90 percent of the country’s exports… I believe the shipping industry should be saved regardless of who takes control of Hanjin Shipping.”

After the help of the Korean Development Bank and Korean Air Lines in providing emergency funding to help stranded ships, Cho said he was also planning on providing $90 million of his own money to help prop up the ailing shipping line.

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