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Hanjin must discharge stranded cargo to survive: bankruptcy court
FURTHER delays in unloading stranded ships scattered throughout the world will make it impossible to revive Hanjin Shipping from bankruptcy, said the South Korean court handling the case.
Hanjin needs to quickly end the supply chain disruptions and the longer it takes to return the chartered ships means more claims and debt will pile up, a court spokesman said.
The board of Korean Air Lines, the largest shareholder of the shipping line, will meet Wednesday night in Seoul to accelerate KRW60 billion (US$54 million) of funding to the company, reports Bloomberg.
Shares of Hanjin Shipping tumbled to a record low Wednesday amid fading chances of survival and after Yonhap News Agency, citing the court, reported a rehabilitation plan was "realistically impossible."
The judge met with representatives of Korea Development Bank, the Ministry of Oceans and Fisheries, the nation's Port Authority and also those of the company.
Hanjin also slipped to 10th place in global rankings of container carriers from No 7, according Alphaliner. It is expected to experience a further drop in days to come.
Hanjin needs to quickly end the supply chain disruptions and the longer it takes to return the chartered ships means more claims and debt will pile up, a court spokesman said.
The board of Korean Air Lines, the largest shareholder of the shipping line, will meet Wednesday night in Seoul to accelerate KRW60 billion (US$54 million) of funding to the company, reports Bloomberg.
Shares of Hanjin Shipping tumbled to a record low Wednesday amid fading chances of survival and after Yonhap News Agency, citing the court, reported a rehabilitation plan was "realistically impossible."
The judge met with representatives of Korea Development Bank, the Ministry of Oceans and Fisheries, the nation's Port Authority and also those of the company.
Hanjin also slipped to 10th place in global rankings of container carriers from No 7, according Alphaliner. It is expected to experience a further drop in days to come.
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