Hanjin Shipping shares rally 28 percent after Korean Air approves lending

September 21, 2016 8:40 PM EDT

Container vessel Hanjin Rome sits in the eastern anchorage area in Singapore September 9, 2016. REUTERS/Edgar Su/File Photo

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SEOUL (Reuters) - Hanjin Shipping <117930.KS> shares surged as much as 28 percent in morning trade on Thursday after the board of Korean Air Lines <003490.KS>, its biggest shareholder, approved lending 60 billion won ($53.96 million) to the troubled container carrier.

Shares of Korean Air climbed 5 percent.

Korean Air's board decided late on Wednesday to provide the funds to help offload cargo that has been stranded on Hanjin ships, using Hanjin's accounts receivable as collateral, a spokesman for the airline said.

(Reporting by Hyunjoo Jin; Editing by Paul Tait)

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