Seoul: Korea Line Corporation (KLC) has secured a fund worth around 212.8 billion won (roughly 16 billion yen) from a Japanese financial institution for selling off a number of capesizes, the Maeil Business Newspaper has reported, giving a financial lifeline to Korea's fourth largest shipping line.
In addition, KLC disclosed that it has decided to issue a 100 billion won worth of Asset Backed Loan (ABL) maturing within three years from local banks in order to secure its operating fund at an early stage and for the fund to spread.
Korea Line had been the nation's most profitable shipping firm in 2007 but found itself caught in a number of charter party issues as the global financial crisis kicked in last September. [15/04/09]
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