Hanjin gets 50b won credit line from South Korea state lender
Seoul
KOREA Development Bank (KDB), the main lender to Hanjin Shipping Co, offered a conditional credit line of 50 billion won (S$61.6 million) to help ease supply-chain disruptions caused by the collapse of the nation's biggest container mover.
The state-owned bank will extend the loan only if the funds pledged by Korean Air Lines Co, the largest shareholder, chairman Cho Yang Ho and a former chairwoman of Hanjin Shipping are insufficient to help unload cargo from stranded vessels, KDB said on Thursday. The account receivables of Hanjin will be used as collateral for the loan, it said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Air China orders homegrown C919s in challenge to jet duopoly
Huawei’s smart car tech offers automakers route to China sales
Sri Lanka to hand management of China-built airport to India, Russia companies
Tesla’s plan for affordable cars takes page from Detroit rivals
Toyota is investing US$1.4 billion to build another all-electric SUV in US
Airbus net profit soars 28% in first quarter