Creditors have approved KRW 120bn ($105m) of further support for Hanjin Heavy Industries.

Korea Economic Daily said nine lenders had unanimously approved the plan, citing sources in the financial industry.

Creditors have already pumped in KRW 130bn following a January agreement for voluntary debt restructuring.

Hanjin, like most shipbuilders in the Far East, is being challenged by the market downturn. It has total debts of $1.32bn.