back to article Korean cargo line bailout saves Christmas for tech companies

Bankers have loaned US$100m to Korean shipping line Hanjin, likley saving Christmas for tech companies, distributors and retailers. Hanjin's finances ran aground in late August, when it filed for bankruptcy. That filing meant that the company's 97 container ships and the half a million or so containers they carried entered …

  1. hplasm
    Thumb Up

    Aha-

    So the stranded student(s) on board can also go home?

    https://www.theguardian.com/artanddesign/2016/sep/14/artist-stranded-container-ship-rebecca-moss-hanjin

  2. getHandle

    "likley"?

    Is that near Ilkley? ;-)

  3. wolfetone Silver badge
    Unhappy

    It'll keep them going until Christmas, but after that I think it's goodbye to Hanjin. It won't survive, not after what's happened to it in that industry.

    1. Anonymous Coward
      Anonymous Coward

      And I think that was the plan. It would probably cost them more in legal trouble if the company went into the Korean equivalent of administration with all that cargo still in transit and therefore legally their responsibility. Clear the remaining backlog, fulfill most of the standing contractual obligations, and finish the calendar year with essentially just the ships to deal with.

  4. Jemma

    What could possibly go wrong?

    This would be the same Korea Investment Bank that was involved with Lehman Brothers? I feel so reassured...

    And unless I'm missing something, how is it that a trading entity of a corporation that is implied to be healthy (ie Korean "death before dishonour" Air) et al can go bankrupt?

    Why do I get the feeling the word "bank" is going to be involved somewhere?

  5. gregthecanuck
    Happy

    I wonder if the interest on the loan...

    ... was at a floating rate.

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