Hanjins bid to raise enough money to save itself from liquidation has fallen short, and its creditors are deciding whether to put the company under receivership, reported the Korea Times.
On Thursday August 25, 2016 Hanjin Shipping submitted a stronger self-rescue plan, which includes more sales of assets.
Their plan still does not cover all the money needed to prevent bankruptcy, which now stands at approximately US$1.1 billion to be paid in 18 months.
PTI reported before the announcement on Thursday that Hanjin were struggling to produce a self-rescue plan to avoid bankruptcy.
Korea Development Bank (KDB) concluded: “There are no differences between the previous self-rescue plan and the new one.”
PTI will be following this story as it develops.