MAROONED:The company has 92 ships banned from docking at ports, most of them carrying goods destined for US stores before the holiday shopping season

Taipei Times
Date: Sep 11, 2016
By: AFP, SEOUL

A key member of South Korea’s Hanjin Group yesterday agreed to a conditional bailout of the group’s shipping unit, whose collapse has sparked turmoil worldwide on the high seas.

The board of group unit Korean Air Lines Co, meeting for the third straight day, decided to lend 60 billion won (US$55 million) to Hanjin Shipping Co, two-thirds of whose cargo fleet is marooned at sea due to huge debts.

“The board members decided to provide the loan but only in exchange for collateral [from Hanjin Shipping],” a company spokeswoman said.

At the two previous meetings on Thursday and Friday, some board members objected to offering the loan and securing collateral afterward, she said.

Hanjin Shipping is seeking bankruptcy protection at home and in the US after creditors rejected its latest plan to deal with a US$5.37 billion debt.     [FULL  STORY]