Korean Air Approves Funds to Ease Hanjin Vessel Disruptions
- 60 billion won to be given only after airline gets collateral
- Money is needed for payments to unload cargo from Hanjin ships
This article is for subscribers only.
Korean Air Lines Co., the biggest shareholder of Hanjin Shipping Co., said it will provide 60 billion won ($54 million) in funds as part of efforts to ease a supply-chain disruption after South Korea’s largest container line filed for court protection.
The carrier will give the money only after Hanjin Shipping puts up its stake in a terminal at Port of Long Beach as collateral, Korean Air said in a text message after a board meeting Saturday. The board had failed to reach a decision in two previous meetings.