[Photo by Namgung Jin-woong = timeid@ajunews.com]
Bowing to strong government pressure, the parent group of South Korea's Hanjin Shipping agreed Tuesday on an emergency fund of 90.5 million US dollars to ease troubled cargo delivery caused by court receivership.
The group vowed to inject some 100 billion won ($90.5 million), including 40 billion won personally from group chairman Cho Yang-ho, into Hanjin Shipping, after government officials and the ruling Saenuri Party agreed to provide a low-interest loan if Hanjin provides collateral.
Dozens of ships have been seized or barred from leaving and entering ports around the world since the country's largest container carrier was placed under court receivership last week. Finance Minister Yoo Ho-il said the government would step up diplomatic efforts to prevent the seizure of Hanjin ships abroad.
Court receivership came after Cho and his family refused to chip in more money for the restructuring of Hanjin Shipping.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
