SEOUL, Sept 6 South Korea's Hanjin Group said on
Tuesday it is planning to raise a total of 100 billion won
($90.46 million) on its own to fund unloading of cargo by Hanjin
Shipping Co Ltd.
Hanjin Group, the parent of Hanjin Shipping and its major
shareholder Korean Air Lines, will raise 60 billion
won by putting up as collateral stakes in overseas terminals
such as Long Beach Terminal and other assets, while Hanjin Group
chairman Cho Yang-ho will raise 40 billion won from private
funds, the group said in a statement.
Hanjin Group said it made the decision to "normalize the
unloading of Hanjin Shipping's containers" to "minimize the
damage to exporters and importers". Hanjin Shipping filed for
court receivership last week.
Hanjin's receivership filing has prompted ports around the
world to block access or refuse service to dozens of the
company's ships on fears they won't be paid, stranding cargo.
($1 = 1,105.5000 won)
(Reporting by Joyce Lee and Hyunjoo Jin; Editing by Muralikumar