Hanjin Shipping’s Parent Steps In to Help Unload Stranded Cargo

Hanjin Shipping’s parent firm plans to raise 100 billion won ($90.46 million) to fund the unloading of billions of dollars worth of cargo aboard vessels stranded around the world in the wake of its court receivership filing last week.

Hanjin Group, the parent of Hanjin Shipping, will raise 60 billion won while Hanjin Group chairman Cho Yang-ho will contribute 40 billion won from private funds, the group said in a statement on Tuesday.

South Korea’s 11th-largest conglomerate said the...

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