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| Version 1 | Version 2 |
|---|---|
| Hanjin bankruptcy: S Korea throws lifeline to shipping firm | Hanjin bankruptcy: S Korea throws lifeline to shipping firm |
| (about 1 hour later) | |
| South Korea's government has said it might provide Hanjin with loans to keep the bankrupt shipping giant afloat. | South Korea's government has said it might provide Hanjin with loans to keep the bankrupt shipping giant afloat. |
| Officials said Seoul could give 100bn won ($91m; £68m) or more in long-term funding at low interest rates if Hanjin provided the necessary collateral. | Officials said Seoul could give 100bn won ($91m; £68m) or more in long-term funding at low interest rates if Hanjin provided the necessary collateral. |
| The shipping company's shares rose more than 20% on the news of a lifeline. | The shipping company's shares rose more than 20% on the news of a lifeline. |
| Hanjin's collapse has left much of its fleet stranded at sea, unable to dock over fears that vessels be seized by creditors. | Hanjin's collapse has left much of its fleet stranded at sea, unable to dock over fears that vessels be seized by creditors. |
| Parent company Hanjin Group on Tuesday also said it would inject 60bn won in fresh funds to resolve the disruptions to the cargo transport currently stuck at sea. | |
| Chairman Cho Yang-ho would contribute another 40bn won from private funds, according to a company statement. | |
| Hanjin Group is a huge, family-dominated conglomerate and also includes Korean Air. | Hanjin Group is a huge, family-dominated conglomerate and also includes Korean Air. |
| What happens when a shipping firm goes bust? | What happens when a shipping firm goes bust? |
| Bankruptcy protection | Bankruptcy protection |
| Hanjin Shipping last week filed for receivership in South Korea after attempts to raise fresh funding for the indebted company failed. | Hanjin Shipping last week filed for receivership in South Korea after attempts to raise fresh funding for the indebted company failed. |
| On Monday, the company said it would seek bankruptcy protection in more than 40 countries to protect its fleet from being repossessed. | On Monday, the company said it would seek bankruptcy protection in more than 40 countries to protect its fleet from being repossessed. |
| Under bankruptcy protection a company can reorganise its debts and stop assets from being seized. | Under bankruptcy protection a company can reorganise its debts and stop assets from being seized. |
| Hanjin is the world's seventh-largest container line and has been unprofitable for four of the past five years. | Hanjin is the world's seventh-largest container line and has been unprofitable for four of the past five years. |
| The global economic downturn in recent years severely affected profits across the cargo shipping industry. | The global economic downturn in recent years severely affected profits across the cargo shipping industry. |
| Fierce competition and falling prices had lead to a $5.4bn (£4.1bn) debt for Hanjin before its creditors refused to offer a new lifeline. | Fierce competition and falling prices had lead to a $5.4bn (£4.1bn) debt for Hanjin before its creditors refused to offer a new lifeline. |