South Korean shipping giant Hanjin appears to be moving closer towards receivership after Korea Development Bank says it and other creditor banks have decided to halt their financial support. Hayley Platt reports.
It's been battling to keep its business afloat. But creditors of South Korea's Hanjin Shipping company are pulling the plug on their financial support, according to lead creditor bank Korea Development Bank. It also said it had no plans to merge Hanjin with another shipping company, Hyundai Merchant Marine. Hanjin operates around 150 container ships on about 60 regular routes globally. But shipping companies worldwide have been struggling to stay on course - fighting for a smaller share of the market. At the end of last year Hanjin had mounting debts of around $5 billion Earlier this month Hanjin's parent company put a plan to its creditors to raise funds. It says it's disappointed in the decision - and will still do all it can to help the shipping industry even if Hanjin Shipping enters receivership.