Hanjin must discharge stranded cargo to survive: bankruptcy court
Time：2016-09-22
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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.
The board of Korean Air Lines, the largest shareholder of the shipping line, will meet Wednesday night in Seoul to accelerate KRW60 billion (US$54 million) of funding to the company, reports Bloomberg.
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."
The judge met with representatives of Korea Development Bank, the Ministry of Oceans and Fisheries, the nation`s Port Authority and also those of the company.
Hanjin also slipped to 10th place in global rankings of container carriers from No 7, according Alphaliner. It is expected to experience a further drop in days to come.