Source:
https://scmp.com/business/companies/article/2021435/hanjin-wins-brief-reprieve-securing-korean-airlines-funds-court
Business/ Companies

Hanjin wins brief reprieve by securing Korean Airlines funds as court says revival at risk

Hanjin Shipping Co., the South Korean container line that has sought bankruptcy protection, won a temporary reprieve after its largest shareholder agreed to provide 60 billion won (US$50 million) in new loans.

The financing will be provided immediately, and the shipping company’s accounts receivable will be used as collateral, top shareholder Korean Air Lines Co. said in a text message after the carrier’s board approved the funding. The South Korean government had estimated that Hanjin needed at least 600 billion won to cover unpaid costs such as fuel and cargo handling.