Creditors of Hanjin Heavy Industries will offer a fresh aid package to the cash-strapped shipbuilder, boosting hope that its business will be normalized. 

The company said Wednesday that it signed a memorandum of understanding(MOU) with its nine creditors, including the Korea Development Bank, on the provision of assistance funds.

Under the MOU, creditors will provide the company with an additional 120 billion won on top of 130 billion it offered in February.

In January, Hanjin executives decided to put the company under joint management by creditors for corporate restructuring.

Under the tentative guidance of creditors, the company plans to implement self-restructuring plans, including selling off properties worth around two trillion won and energy-related subsidiaries such as Daeryun Power Company and Byeollae Energy Company.