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SEOUL, South Korea (AFP) — South Korea’s Hanjin Group said Tuesday it would provide its debt-ridden shipping unit with 100 billion won ($90.4 million) to help ease huge disruptions to global maritime freight. Hanjin, the world’s seventh largest shipping company, is seeking bankruptcy protection at home and in the US after creditors rejected its latest plan to deal with a $5.37 billion debt. Its bankruptcy would be by far the largest in the history of […]
SEOUL , South Korea (AFP) — The chief organiser of the 2018 Winter Olympics in South Korea resigned Tuesday less than two years before the Games begin, citing urgent problems with his troubled shipping business. Cho Yang-Ho, the chairman of Hanjin Group and Korean Air, resigned with immediate effect due to the “critical financial issues” facing Hanjin Shipping, the Pyeongchang 2018 organising committee said in a statement. The statement made no mention of a possible replacement. […]
