[Courtesy of Hanjin Group]
Shares of Hanjin Shipping, the troubled arm of South Korea's Hanjin Group, fell sharply Friday on concern that it could be put under court receivership.
The country's largest container carrier fell five percent at 1,805 won (1.63 US dollars). It has been kept afloat with a continued injection of money from other group units, including Korean Air.
Hanjin Shipping is under a creditor-led rehabilitation program which expires on September 4. The company needs at least one trillion won in its short-term liquidity to cover arrears in payment to chartered ship owners as well as operational funds.
But its viability was called into question after the company's second-quarter operating loss widened to 228.9 billion won from 115.8 billion won in the previous quarter.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
