South Korea’s leading shipping company Hanjin Shipping has applied for a creditor-led restructuring program.
 
Hanjin said it filed with main creditor, the Korea Development Bank(KDB), for the debt restructuring program on Monday afternoon. The shipping company reportedly discussed related details with the KDB and financial authorities. 
 
Under the creditor-led program, the company will take self-rescue measures with the approval of creditors. The shipping company is known to have also submitted Hanjin Group Chairman Cho Yang-ho’s note relinquishing his management rights.
 
Creditors of the debt-ridden company said earlier that they would reject the application if the firm fails to present a detailed self-rescue plan before eventually deciding to accept the application later.