September 13, 2016 / 12:43 AM / 3 years ago

Korean Air funds for Hanjin Shipping may take time: Yonhap

SEOUL (Reuters) - It may take “considerable time” for Hanjin Shipping Co Ltd 117930.KS to secure loans from major shareholder Korean Air Lines Co Ltd (003490.KS) to help unload cargo, Yonhap news agency reported citing South Korea’s financial regulator.

Financial Services Commission Chairman Yim Jong-yong said in a meeting with the ruling party that it was uncertain whether Hanjin Shipping would be able to secure the funding from Korean Air at all.

Korean Air on Saturday approved a plan to provide a loan of 60 billion won ($54.16 million) but only after the shipper gave a stake in its Long Beach Terminal as collateral.

Reporting by Hyunjoo Jin and Cynthia Kim; Editing by Stephen Coates

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