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Hamburg, May 4th, 2016
Dear Valued Customers,
On May 4th, creditor banks of Hanjin Shipping including KDB have finally decided during the meeting to agree to a conditional voluntary restructuring agreement.
This voluntary restructuring agreement plan will have a condition of reducing charter rate, deferring debt payments of bond holders, which Hanjin Shipping is in the process of coming up with detailed measures.
With the start of this voluntary restructuring agreement, accounting firm selected by the creditor bank will conduct a due diligence, and the debt repayment of creditor banks will be postponed, and we expect that our financial stability will be improved.
Moving forward, Hanjin Shipping will finalize alliance negotiations with other liners in order to maintain and enhance our current services.
Hanjin Shipping will also focus our best efforts on resolving major issues such as deferring debt payment of bond holders in order to achieve stabilization of corporate management as soon as possible.
We thank our customers, ship owners and partners for your continued support, and hope to show our appreciation for your trust and partnership in the near future by achieving stabilization of management soon.
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