[THE INVESTOR] Hanjin Shipping sold 60 billion won (US$51 million) worth of operating rights on Southeast Asian routes to its affiliate in order to secure liquidity, local news reported on June 24.
Citing an official from the shipping industry, the shipper sold part of its rights to Hanjin Transportation, which runs the land transport service under Hanjin Group, during an emergency meeting of the board.
The move came after the government and creditors, led by state-run Korea Development Bank, pushed Cho Yang-ho, the chairman of Hanjin Group, to pour more cash to the ailing shipping arm of the company. The creditors asked Cho to secure an extra 1 trillion won for Hanjin Shipping’s operation cost.
Earlier, Hanjin Shipping also decided to sell shares of its three Chinese affiliates worth 21.1 billion won in a filing on June 24.
By Ahn Sung-mi (
sahn@heraldcorp.com)
