Creditors of Hanjin Shipping have approved the troubled firm’s debt restructuring plan.
 
The Korea Development Bank and other creditors held a meeting in Seoul on Wednesday and announced the decision to begin the process of joint debt-restructuring as requested by Hanjin Shipping.
 
Under the joint debt-restructuring program, creditors will grant a suspension on all payments to help a troubled company facing a temporary liquidity crisis.
 
The joint debt-restructuring measure is considered a less harsh form of corporate restructuring than a workout program under the Corporate Restructuring Promotion Act.