Hanjin Could Have Survived With Creditors’ Aid, Cho Says
- Chairman Cho Yang-ho spoke at parliamentary hearing in Seoul
- Cho said he failed to persuade creditors to give more funds
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Hanjin Shipping Co., the South Korean container line whose filing for bankruptcy protection roiled the global supply chain, could have survived if creditors had provided the company with aid, Group Chairman Cho Yang-ho said.
It’s now up to the court to decide on the fate of the container line, Cho said in his first public comments since the company filed for court receivership Aug. 31 after lenders halted all support. The executive, speaking at a parliamentary hearing in Seoul Tuesday, said it was “regrettable” that Hanjin Shipping had to make the filing.