Hanjin Shipping sells part of container ship business for $31 mln

Korea Line

21/11/2016 22:24

SEOUL, Nov 22 (Reuters) - South Korea's Hanjin Shipping Co 
Ltd  117930.KS  said on Tuesday it decided to sell part of its 
container ship business to Korea Line Corp  005880.KS  for 37 
billion Korean won ($31.38 million). 
    Korea Line will buy Hanjin's Pacific routes shipping 
business, relevant client management information, units in seven 
countries including the United States, China and Vietnam, as 
well as assets and manpower related to logistics systems, Hanjin 
said in a regulatory filing. 
    Hanjin said the sale, which will be completed on Jan. 5, 
2017, is to secure funds to pay off creditors. Hanjin applied 
for court receivership in late August after banks denied further 
financial support for the troubled shipper. 
 ($1 = 1,179.1100 Korean won) 
 
 (Reporting by Jeong-eun Lee, writing by Joyce Lee, editing by G 
Crosse) 
 ((Jeongeun.Lee@thomsonreuters.com; +82-10-2711-3446; Reuters 
Messaging: jeongeun.lee@thomsonreuters.com)) 
 
Keywords: HANJIN SHIPPING DEBT/