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Hanjin gets month's reprieve to secure better terms on charter rates
NEAR bankrupt Hanjin Shipping has received a month's reprieve from creditor banks to secure lower charter rates before being placed into receivership, reports IHS Media.
"We're still in talks with the tonnage providers and we're diligently carrying on the discussions," said the South Korean flag carrier, which now has until September 4 to close these deals.
The company has 91 vessels chartered-in from 23 tonnage providers, including Seaspan, Danaos Corporation and Ciner Ship Management.
Seaspan has refused to reduce charter rate, insisting that the Korean government bail out the carrier. Danaos has made a bond and equity deal in exchange for relenting on charter debt.
Hanjin, which has already handed over management control to the Korea Development Bank, its largest creditor, is in talks to reschedule $130 million in debt due in 2017 and plans to sell assets valued at $400 million.
The South Korean media has reported that the Hanjin Group via Korean Air Lines will pump KRW700 billion (US$610.3 million) into Hanjin Shipping, but that has not been officially confirmed.
Hanjin could need KRW1.2 trillion over the next two years without more funding, according to South Korea's Financial Services Commission.
"We're still in talks with the tonnage providers and we're diligently carrying on the discussions," said the South Korean flag carrier, which now has until September 4 to close these deals.
The company has 91 vessels chartered-in from 23 tonnage providers, including Seaspan, Danaos Corporation and Ciner Ship Management.
Seaspan has refused to reduce charter rate, insisting that the Korean government bail out the carrier. Danaos has made a bond and equity deal in exchange for relenting on charter debt.
Hanjin, which has already handed over management control to the Korea Development Bank, its largest creditor, is in talks to reschedule $130 million in debt due in 2017 and plans to sell assets valued at $400 million.
The South Korean media has reported that the Hanjin Group via Korean Air Lines will pump KRW700 billion (US$610.3 million) into Hanjin Shipping, but that has not been officially confirmed.
Hanjin could need KRW1.2 trillion over the next two years without more funding, according to South Korea's Financial Services Commission.
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