Hanjin Shipping will sell stake in Vietnam pier.
- Autor:Tovi Wong
- Fuente:Shipping city
- Fecha de Publicación:2016-07-16
Financially troubled South Korean shipping company Hanjin Shipping recently announced in a stock exchange filing, the decision to sell Vietnam Vung Tau province Newport Cai Mep International Terminal (TCIT) shares, to raise more funds.
It is understood, TCIT was founded by Saigon Newport Company and Hanjin Shipping, Mitsui OSK Lines and Wan Hai Lines joint venture. According to sources, Hanjin Shipping said it would sell some TCIT shares more than 21% of the company's holdings, thus financing 37.7 billion won (US $ 32.8 million).
Last week, Hanjin Shipping and Hanjin financial institutions start negotiations, thus postponing its next three years of 2.5 trillion won (US $ 2.16 billion) of debt repayment. The company is currently underway by a creditor-led restructuring, and has been negotiating with the owners looking to cut their prices vessel. However, the first round of negotiations between the company and 22 shipowner failed to get a positive response.
It is understood, TCIT was founded by Saigon Newport Company and Hanjin Shipping, Mitsui OSK Lines and Wan Hai Lines joint venture. According to sources, Hanjin Shipping said it would sell some TCIT shares more than 21% of the company's holdings, thus financing 37.7 billion won (US $ 32.8 million).
Last week, Hanjin Shipping and Hanjin financial institutions start negotiations, thus postponing its next three years of 2.5 trillion won (US $ 2.16 billion) of debt repayment. The company is currently underway by a creditor-led restructuring, and has been negotiating with the owners looking to cut their prices vessel. However, the first round of negotiations between the company and 22 shipowner failed to get a positive response.