Korean Air approves loan for Hanjin Shipping
- Stocks dip as earnings pour in, consumer discretionary lags
- UPDATE: Alphabet (GOOG) Tops Q3 EPS Views; Revs Strong
- Twitter (TWTR) Tops Q3 EPS by 4c; Announces Restructuring, Workforce Reduction
- Cirrus Logic, Inc. (CRUS) Q2 Results and Guidance Beat Estimates
- Amazon.com (AMZN) Misses Q3 EPS by 26c, Offers Q4 Guidance
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
SEOUL (Reuters) - Korean Air Lines <003490.KS>, the biggest shareholder of Hanjin Shipping <117930.KS>, has approved a plan to provide a loan of 60 billion won ($54.16 million) to the troubled shipper.
The support will be offered on condition of securing Hanjin Shipping's Long Beach Terminal as collateral, Korean Air said.
Hanjin Group has pledged to raise a total of 100 billion won ($90 million) in funds to help rescue cargo that is stranded at sea following the failure of Hanjin Shipping, the world's seventh-largest container carrier.
Out of the 100 billion won, Hanjin Group Chairman Cho Yang-ho will raise 40 billion won from private funds next week.
($1 = 1,107.7300 won)
(Reporting by Hyunjoo Jin; Editing by Himani Sarkar)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Turkish, Syrian men extradited to U.S. to face drug charges
- Booz Allen reviewing security after arrest of NSA contractor
- Family urges U.S. to reopen case of Louisiana detainee's death
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!