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Debt laden Hanjin Shipping applies for restructuring

Drama in container shipping continues this week with struggling Korean shipping line Hanjin Shipping applying for a creditorled restructuring plan on Friday.

Marcus Hand, Editor

April 22, 2016

1 Min Read
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Hanjin Group chairman Cho Yang-ho was reported by the Korea Times to have given up his management control and the board decided to apply for creditor-led restructuring plan. The government and main shareholder Korea Development Bank (KDB) had been calling for a restructuring of the company.

"Board directors of Hanjin Shipping decided to give up their management control for debt restructuring," said a KDB spokesman was quoted as saying.

Hanjin Shipping plans to submit an application to its creditors on Monday.

The Korean shipping line has KRW5.6trn ($4.93bn) in debt.

Read more about:

South Korea

About the Author

Marcus Hand

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

See more from Marcus Hand
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