Hanjin Shipping has introduced request for being mail in controlled administration



The express turndown yesterday from Korea Development Bank (KDB) to support ulteriorly Hanjin Shipping, refusal that places it in the impossibility to resolve own crisis of liquidity ( on 30 August 2016), it has induced the company of South Korean navigation to enter the only still percorribile road. Today, in fact, Hanjin Shipping has announced to have introduced request to the court for being mail in controlled administration.

KDB and the other creditors of financial Hanjin Shipping asked a greater contribution by the main shareholders for the company in order to resolve the crisis. In particular, against the proposal of a vital injection of pairs to 400 billion won in the company by the greater shareholder, Korean Air Lines, the creditors had asked a greater economic contribution, pairs at least 600 billion won.

As a result of the decision of Hanjin Shipping to take the road of the controlled administration, the South Korean Federal Services Commission (FSC) has met today in order to examine the possible answers of the government of Seul to the initiative of the navigation company. Al term of the reunion vice-president of the FSC, Jeong Eun - bo, has announced that the promuoverà government the sales of the main activities of Hanjin Shipping to the other company of South Korean navigation Hyundai Merchant Marine (HMM) with the scope to safeguard the competitiveness of the marine transports, one of the key sectors of Korea. The objective is to do so as that HMM acquires the Cores assets of Hanjin Shipping, as the ships, the foreign commercial net and great part of the force job with the scope to assure for the how much possible competitiveness of Hanjin Shipping.

It is from seeing, however, as this sollicitation of the South American government will be received by management of Hyundai Merchant Marine, company that - as many other carriers of the field of the containerized transport marine - is crossing a phase of acute crisis and in its turn is engaged, as it is and it has been Hanjin Shipping, to put into effect measures in order to reduce the costs and to get ahead negotiations with the creditors in order to obtain better conditions than reimbursement of the loans.

Jeong Eun - bo it has emphasized that the request introduced from Hanjin Shipping for being mail in controlled administration will have a limited impact on the limited financial market and - has assured - it will be also the impact on the institutions financial institutions and the bondholders

Moreover vice-president of the FS has specified that the government will diminish the impact on the marine and harbour field. Jeong Eun - bo he has explained that the section of shipping and that harbour one they will endure a repercussion negative since Hanjin Shipping covers a meaningful role in the field of the South Korean marine transport and therefore the government will exercise the maximum effort in order to reduce lessened the damages in these segments. In particular - it has specified Jeong Eun - bo - the Korea Development Bank and the HMM will be encouraged to increase the number of ships in order to guarantee that the goods is transported without delays.