Hanjin Revival Tough If Unloading Not Expedited, Court Says - Bloomberg
The South Korean court overseeing the receivership application of Hanjin Shipping Co. said the stranded vessels of the troubled container line are taking too long to unload cargo, and a delay will make it impossible to revive the company.
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, declining to be identified, citing policy. The board of Korean Air Lines Co., the largest shareholder of the shipping line, will meet Wednesday night in Seoul to speed up about 60 billion won ($54 million) of funding to the company, according to a person familiar with the plan, who asked not to be identified as the information is private.
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.”