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Troubled Hanjin Shipping faces restructuring if bond maturity not extended
KOREA's biggest shipping line, Hanjin Shipping, is facing a creditor-led re-structuring similar to that of its troubled domestic rival Hyundai Merchant Marine.
"KDB [Korean Development Bank] is considering a conditional restructuring arrangement if Hanjin Shipping fails to draw an [agreement] of the non-banking institutions that own corporate bonds to extend maturity," a KDB spokesman told Lloyd's List.
"However, nothing has been decided yet regarding the specific timeline or method of the restructuring plan at this moment."
The KDB-led creditors are concerned that the cash-strapped carrier, hit by unfavourable market conditions and high charter costs, might default on debts due over the next three months, local media reported.
Hanjin did not respond to requests from Lloyd's List for comment.
"KDB [Korean Development Bank] is considering a conditional restructuring arrangement if Hanjin Shipping fails to draw an [agreement] of the non-banking institutions that own corporate bonds to extend maturity," a KDB spokesman told Lloyd's List.
"However, nothing has been decided yet regarding the specific timeline or method of the restructuring plan at this moment."
The KDB-led creditors are concerned that the cash-strapped carrier, hit by unfavourable market conditions and high charter costs, might default on debts due over the next three months, local media reported.
Hanjin did not respond to requests from Lloyd's List for comment.
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