Hanjin Gets $45 Million Credit Line From Korean State Lender
- Loan to be given if funds from Hanjin group are insufficient
- KDB credit not for working capital, but to ease disruption
Hanjin Shipping Get $54M Loan From Korean Air
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Korea Development Bank, the main lender to Hanjin Shipping Co., offered a conditional credit line of 50 billion won ($45 million) to help ease supply-chain disruptions caused by the collapse of the nation’s biggest container mover.
The state-owned bank will extend the loan only if the funds pledged by Korean Air Lines Co., the largest shareholder, Chairman Cho Yang Ho and a former chairwoman of Hanjin Shipping are insufficient to help unload cargo from stranded vessels, KDB said in an e-mailed statement Thursday. The account receivables of Hanjin will be used as collateral for the loan, it said.