September 9, 2016 / 4:11 AM / a year ago

Korean Air approves loan for Hanjin Shipping

Hyundai shipping containers are seen on a Hanjin Shipping Co ship which stranded outside the Port of Long Beach, California, September 8, 2016. REUTERS/Lucy Nicholson

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

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