The chairman of Hanjin Group transferred 40 billion won ($36 million) to Hanjin Shipping (117930.KS) today to help unload cargo stranded on the troubled shipper's vessels, a spokesman said, but regulators warned securing further funds could take "considerable time,” Reuters reported. The parent of Hanjin Shipping pledged last week to raise 100 billion won to help rescue cargo in the wake of the collapse of the world's seventh-biggest container shipper, including the 40 billion won from Chairman Cho Yang-ho. About $9 million pledged by Choi Eun-young, a former chairwoman of Hanjin Shipping, has also come in, the shipper said. Around $14 billion of cargo has been tied up globally as ports, tugboat operators and cargo handling firms worried about not being paid refused to work for Hanjin, which filed for receivership in a Seoul court early this month. Hanjin Shipping submitted early last week to a South Korean court that it could take an estimated 173 billion won ($154.5 million) to unload all stranded cargo, a Seoul Central District Court judge told Reuters. Korean Air, the top shareholder of Hanjin Shipping, on Saturday approved a plan to lend the shipper 60 billion won, conditional on Hanjin Shipping providing its stake in Los Angeles' Long Beach Terminal as collateral. That deal requires the approval of other shareholders and creditors of the terminal.
