The
board of Hanjin voted unanimously to file for court receivership at a meeting
in Seoul Wednesday, a spokesman said, according to Reuters.
The
bankruptcy of the world's seventh biggest container carrier, would be the
largest ever according to Paris consultancy Alphaliner, exceeding the
1986 collapse States Lines.
Shares
of Hyundai
Merchant Marine surged after the financial regulator said the rival may
consider buying parts of the company in distress, said the report.
"It
means one less competitor but it really won't change the fundamental problem
the industry is facing," said Park Moo Hyun, an analyst at Hana
Financial Investment in Seoul.
"There
will still be the same number of ships. What we really need is a way to cut
down on capacity."
Hyundai
Merchant Marine, the nation's second-biggest container line, is in the midst of
a creditor-led debt restructuring programme. Unlike Hanjin Shipping, it has
managed to obtain financial help after meeting all requirements for funds.
The
state-run Korea Development Bank is now the biggest shareholder of
Hyundai Merchant after swapping debt for equity. KDB owns about 14 per cent of
the company, according to data compiled by Bloomberg.
The
restructuring proposals submitted by Hanjin Shipping weren't enough to address
a cash shortage, main lender Korea Development Bank said Tuesday, dealing a
blow to the revival efforts by a firm that's been trying to reschedule debt
under a voluntary creditor-led programme since May.
South
Korea's shipbuilders and shipping firms, which underpinned decades of economic
growth, are reeling under debt after racking up losses amid a downturn caused
by overcapacity and sluggish trade, forcing state banks to pick winners,
Reuters reported.
Hanjin's
lead creditor, state-run Korea Development Bank (KDB), said on Tuesday
inadequate financial support from parent Hanjin Group to an ongoing debt
restructuring plan forced creditor banks to pull the plug.
Source
: HKSG.
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