The government says it is open to discuss with the creditors of Hanjin Shipping on injecting some 100-billion won, or over 90 million dollars, to minimize damage to businesses but only if conglomerate Hanjin Group offers corresponding collateral for its shipping division.
 
Deputy Prime Minister and Finance Minister Yoo Il-ho revealed the government's position on Monday as he sat down with reporters accompanying him to the Group of 20 Summit in China.

The finance minister said that the government will consider the low-interest loan for those who have businesses with the ailing shipping line but only on the condition that the shipper and its main shareholders take responsibility for its paralyzed cargo deliveries.

Yoo also said he will ask the courts in a total of 43 countries to ban the seizures of Hanjin Shipping vessels by the company’s creditors overseas in order to minimize the damages to the owners of the cargo aboard the ships.

He said the government will try to prevent the bankruptcy filing by Hanjin from spilling over to the local economy, adding he will convene an economic-related ministers’ meeting to discuss countermeasures on Wednesday, 

The government agreed with the ruling Saenuri Party in a meeting on Tuesday that it will provide 100 billion won worth of long-term low-interest loans to the companies that are affected by logistics problems caused by Hanjin Shipping if Hanjin Group offers collateral for its troubled shipping division.