Hanjin Shipping executives use personal assets to pump US$44.6M into company
Cash-strapped container shipper Hanjin will use the money to pay for unloading billions of dollars' worth of cargo stranded offshore on its ships
The chairman of Hanjin Shipping, Cho Yang-ho, sent 40 billion won ($35.7 million) from his personal assets on Tuesday, said Hanjin Shipping spokeswoman Min Park. She said former Hanjin Shipping chair Choi Eun-young contributed 10 billion won ($8.9 million).
The cash-strapped container shipper will use the money to pay for unloading billions of dollars’ worth of cargo stranded offshore on its ships. The company, South Korea’s top ocean shipper, filed for bankruptcy protection on Aug. 31.
Park would not say how much money Hanjin needs to resolve the entire cargo crisis, citing business confidentiality.
Hanjin Shipping is still awaiting 60 billion won ($53 million) pledged earlier by its parent company, Hanjin Group.
The company said 93 of its vessels were stranded offshore as of Sept. 11, including 79 container ships. Four ships have been seized by creditors, under court orders.