Korean Air Approves Loan for Hanjin Shipping

Maritime Activity Reports, Inc.

September 10, 2016

File Photo Hanjin

File Photo Hanjin

Korean Air Lines, the biggest shareholder of Hanjin Shipping, has approved a plan to provide a loan of 60 billion won ($54.16 million) to the troubled shipper.

The support will be offered on condition of securing Hanjin Shipping's Long Beach Terminal as collateral, Korean Air said.

Hanjin Group has pledged to raise a total of 100 billion won ($90 million) in funds to help rescue cargo that is stranded at sea following the failure of Hanjin Shipping, the world's seventh-largest container carrier.

Out of the 100 billion won, Hanjin Group Chairman Cho Yang-ho will raise 40 billion won from private funds next week.

($1 = 1,107.7300 won)

(Reporting by Hyunjoo Jin; Editing by Himani Sarkar)

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