September 22, 2016 / 12:42 AM / a year ago

Hanjin Shipping shares rally 28 percent after Korean Air approves lending

SEOUL (Reuters) - Hanjin Shipping 117930.KS shares surged as much as 28 percent in morning trade on Thursday after the board of Korean Air Lines (003490.KS), its biggest shareholder, approved lending 60 billion won ($53.96 million) to the troubled container carrier.

Container vessel Hanjin Rome sits in the eastern anchorage area in Singapore September 9, 2016. REUTERS/Edgar Su/File Photo

Shares of Korean Air climbed 5 percent.

Korean Air’s board decided late on Wednesday to provide the funds to help offload cargo that has been stranded on Hanjin ships, using Hanjin’s accounts receivable as collateral, a spokesman for the airline said.

Reporting by Hyunjoo Jin; Editing by Paul Tait

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