The board of directors of Korean Air again failed to reach an agreement on Friday to provide 60 billion won to ailing Hanjin Shipping, further making unclear whether the shipper will be able to receive a financial aid package pledged by Hanjin Group.
The board agreed to reconvene Saturday to continue discussions on an aid package for the shipper that filed for court receivership last week.
Of the 100 billion won aid pledged by Hanjin Group, 60 billion will be loaned by Korean Air by holding its shares in the Long Beach Container Terminal in the U.S. operated by a Hanjin Shipping affiliate on collateral.
The remaining 40 billion won will be shouldered by Hanjin Group Chairman Cho Yang-ho.
Hanjin Group sought to submit the aid plan to the court following a board decision and immediately execute the financing, but the move is being delayed as the board of directors has yet to reach a decision.