Hanjin Shipping led a global drop in share prices Monday, with the South Korean ship operator's stock price slumping 29.9% after a setback in its restructuring efforts.
The plunge to KRW 1,825 ($1.58) swept an estimated $152m from the diversified company's market value.
Earlier today,Korea Development Bank confirmed that fellow creditors have demanded that Hanjin submit a new restructuring plan.
Seeking rate cuts
Hanjin has said that it will talk with shipowners to seek rate reductions on chartered-in ships and potentially sell its bulker and container terminals businesses, in addition to real estate.
But
