Anchor: As the financial and operational upheaval stemming from Hanjin Shipping's filing for bankruptcy protection expands, the government and the ruling Saenuri Party on Tuesday held an emergency meeting to discuss how they can step in to help. The government and the Saenuri agreed to lend a loan worth 100 billion won to struggling businesses with their cargo strapped on Hanjin vessels only if Hanjin Group provides collateral.
Our Kim Bum-soo reports.

Report: The government has decided to inject some 100-billion won, or over 90 million dollars, in an emergency batch of policy loans to assist businesses hit hard by the collapse of Hanjin Shipping.

The government and the ruling Saenuri Party held a meeting on Tuesday to discuss the problems caused by delays in Hanjin's cargo deliveries.

After the talks, Saenuri policy committee chief Rep. Kim Kwang-lim told reporters that the long-term low-interest loans will be provided but only if conglomerate Hanjin Group offers corresponding collateral for its troubled shipping division. 

As the government pressed Hanjin Group to provide financial guarantees for loans to importers and exporters, the conglomerate announced that it will create a 100-billion won fund, including 40 billion won coming from its Chairman Cho Yang-ho's personal wealth. 

Financial analysts believe that it would take over 600 billion won—the government's 100 billion won loan plus funds to take care of the firm's outstanding balances, fuel prices and more—to handle the immediate aftermath caused by the bankruptcy of the world's seventh largest container shipping line.

Over 80 vessels operated by Hanjin are going through difficulties in entering and leaving ports due to reasons including unpaid port charges.

Following Hanjin Shipping's filing for court receivership last week, a total of three container carriers have been seized at overseas ports.

The Foreign, Oceans and Finance Ministries said they will also ask courts in a total of 43 overseas jurisdictions to ban the seizures of Hanjin Shipping vessels by creditors to protect cargo aboard the ships.

The government also decided at the meeting to designate Busan and other port cities as employment crisis areas if shipping lines and their subcontractors based there continue to further suffer.
Kim Bum-soo, KBS World Radio News.