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Airlines

Hanjin Group says to raise 100 bln won to fund Hanjin Shipping cargo unloading

SEOUL, Sept 6 (Reuters) - South Korea’s Hanjin Group said on Tuesday it is planning to raise a total of 100 billion won ($90.46 million) on its own to fund unloading of cargo by Hanjin Shipping Co Ltd.

Hanjin Group, the parent of Hanjin Shipping and its major shareholder Korean Air Lines, will raise 60 billion won by putting up as collateral stakes in overseas terminals such as Long Beach Terminal and other assets, while Hanjin Group chairman Cho Yang-ho will raise 40 billion won from private funds, the group said in a statement.

Hanjin Group said it made the decision to “normalize the unloading of Hanjin Shipping’s containers” to “minimize the damage to exporters and importers”. Hanjin Shipping filed for court receivership last week.

Hanjin’s receivership filing has prompted ports around the world to block access or refuse service to dozens of the company’s ships on fears they won’t be paid, stranding cargo. ($1 = 1,105.5000 won) (Reporting by Joyce Lee and Hyunjoo Jin; Editing by Muralikumar Anantharaman)

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