Hanjin Sends SoS
As most of Hanjin Shipping Co's assets are stranded at sea or in ports world-wide, the the South Korean company is seeking to protect assets world-wide. Hanjin Shipping’s government-backed creditors are ready to provide the collapsed carrier with roughly 100 billion won ($90.60 million) of loans if Hanjin’s parent provides collateral, Fortune reports South Korean government officials as saying. Hanjin's collapse has left much of its fleet stranded at sea, unable to dock over fears that vessels be seized by creditors. According to BBC Seoul could give 100bn won ($91m; £68m) or more in long-term funding at low interest rates if Hanjin provided the necessary collateral.
Daewoo Heavy Not Likely To Spin Off Soon
Heavy Industries, one of the 12 Daewoo Group affiliates put under a debt rescheduling program, is not likely to be separated from its parent group any time soon, a creditor bank official said. The official at Korea Development Bank said details of the workout plan for Daewoo Heavy are now under review and a spinoff would take place in two to three months. "Action plans for reshaping the company could come out by the middle of this month. But a separation from Daewoo Group would take at least two to three months under commercial laws," he said. Lee Hun-jai, head of the Financial Supervisory Commission, overseeing the nation's corporate restructuring, said he had expected Daewoo Heavy to be separated from the group within this month.
