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.