Hanjin Shipping Trading Halted After Plunge to Six-Year Low
- Creditors decided not to provide fresh loans, Yonhap reports
- Shipping lines worldwide have posted losses amid slowing trade
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Hanjin Shipping Co. shares were suspended from trading after plunging to the lowest price since 2009 following a Yonhap News Agency report that its creditors refused to provide fresh loans in a move that may boost the likelihood of court protection for the company.
The creditors made the decision after meeting Tuesday morning, Yonhap said, citing unidentified creditors and the financial regulator. Hanjin Shipping, South Korea’s largest container line, and Korea Development Bank, its main lender, declined to comment when contacted by Bloomberg News.