Hanjin Shipping has won approval from bank creditors for its voluntary restructuring.
The company said the deal will allow it to achieve “business normalisation.”
It added that its plan for financial improvement will now gain speed.
The owner promised “utmost effort” and pledged to work closely with creditors.
Interest and principal repayments will be rolled over for three months
But the deal will end if Hanjin cannot renegotiate charter cuts with third-party owners, or agree a refinancing of its bonds.
It will also need to ensure it stays part of a major boxship alliance.
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