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South Korea: Regulator rules out Hanjin-Hyundai Merchant Marine merger

By  |  August 30, 2016

A merger of troubled South Korean shipper Hanjin Shipping Co Ltd and Hyundai Merchant Marine Co Ltd is impossible at present, Yonhap news agency on Tuesday quoted the head of the country’s financial regulator as saying.

Financial Services Commission Chairman Yim Jong-yong also said the creditor banks of Hanjin Shipping decided to halt financial support to the firm after considering its ability to return to normal operations, the agency added.

Two people familiar with the matter told Reuters on Tuesday that Hanjin’s creditor banks had decided to stop supporting the firm, increasing the likelihood of court receivership for South Korea’s top shipper.

Full Content: Reuters

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