By In-Soo Nam
SEOUL– Hanjin Shipping Co., South Korea’s largest container operator by capacity, reached out to owners of its chartered fleet and terminal operators to say it can’t survive unless they help with its debt-restructuring efforts.
In a letter to foreign owners, Chief Executive Suk TaeSHY-soo said the debt-saddled operator faces serious challenges as the global shipping industry is in the doldrums.
“Upon careful analysis of the business outlook and financial projections with the assistance of outside experts, our management has come to the conclusion that our own efforts alone may fall short of fully resolving the liquidity issues that we are facing,” the letter said, according to Ha…
Read the full article at: http://www.marketwatch.com/story/foundering-hanjin-shipping-seeks-debt-relief-2016-05-02