Korean Air's Board Rejects Plan to Inject $53 Billion into Hanjin
SEAFOODNEWS.COM [Korean Herald] By Lee Hyun-jeong - September 19, 2016
Korean Air, the largest shareholder of Hanjin Group, appears to be seeking alternative plans to save near-bankrupt Hanjin Shipping in the face of the board’s rejection of injecting $60 billion won ($53.7 million) in the ailing shipper.
During several rounds of emergency meetings held during the Chuseok holiday, Korean Air’s executive board failed to reach an agreement to find $60 billion won for the cash-strapped firm.
“Since there are multiple stakeholders, holding the terminal collateral is nearly impossible. New measures are under discussion,” a source familiar with the matter was quoted by Yonhap News Agency as saying...
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