Hanjin Shipping to sell its London office
- Author:Simon
- Source:Global Logistics Network
- Release Date:2016-03-29
South Korean shipping company Hanjin Shipping said that in order to alleviate the difficult economic situation, the company has agreed to sell its office building in London.
In order to ensure liquidity, Hanjin Shipping will be the asset to 66.7 billion won (US $ 57.2 million) sold to a British real estate investment company did not disclose. Allegedly, the help to sell $ 406 million of the company's huge debt maturing in the first half to re-mortgage. Hanjin Shipping said the deal is expected to close in April 16. In addition to offices in London, Hanjin Shipping intends to dispose of treasury shares as well as a number of overseas branches to cope with the current situation in the shipping industry downturn.
Although Hanjin in 2015 through spending cuts turnaround, but because in 2016 the freight back to the lowest point in history, Hanjin is likely to face other difficult choices.
In order to ensure liquidity, Hanjin Shipping will be the asset to 66.7 billion won (US $ 57.2 million) sold to a British real estate investment company did not disclose. Allegedly, the help to sell $ 406 million of the company's huge debt maturing in the first half to re-mortgage. Hanjin Shipping said the deal is expected to close in April 16. In addition to offices in London, Hanjin Shipping intends to dispose of treasury shares as well as a number of overseas branches to cope with the current situation in the shipping industry downturn.
Although Hanjin in 2015 through spending cuts turnaround, but because in 2016 the freight back to the lowest point in history, Hanjin is likely to face other difficult choices.
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