Korean Air to Loan Hanjin Shipping $54m
Posted by Michelle Howard
September 21, 2016
Photo: Hanjin Shipping
The board of Korean Air Lines , the largest shareholder of collapsed Hanjin Shipping Co Ltd, has approved lending 60 billion won ($53.96 million) to the container carrier, using Hanjin's accounts receivable as collateral, a spokesman for the airline said on Wednesday.
The spokesman said the funds would be used to help to offload cargo that has been stranded on Hanjin ships. Last month, South Korea-based Hanjin filed for court receivership with roughly 6 trillion won in debt.
(Reporting by Joyce Lee)
