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Hanjin fails credit assessment

Hanjin fails credit assessment
Hanjin Group will face a creditor-initiated restructuring after failing a credit assessment.

Hanjin Group will face a creditor-initiated restructuring after failing a credit assessment.

Hanjin Group will face a creditor-initiated restructuring after failing a credit assessment as a result of poor corporate performance. The main creditor Korea Development Bank (KDB) said that it will sign a memorandum of understanding (MOU) with the conglomerate aimed at strengthening its financial health. "We have decided to sign a restructuring pact with Hanjin to turn it around. The group failed our evaluation for the second time. It would be unfair for six other business groups that already signed the MOU with us in May if we did not apply the same standard to Hanjin,"a KDB official said. In May, 14 cash-strapped conglomerates out of 45 were evaluated as financially inadequate by their main creditor banks.

Of the 14, nine business groups signed with main creditors to dispose key units and take other drastic steps for their financial structure in return for fresh loans.

Most of them expanded their size through a series of mergers and acquisitions (M&A) over the past few years when the economy was good.

The takeovers left them highly indebted and since the credit crunch hit the global financial market hard last summer, their financial health has deteriorated.

The KDB decided not to subject STX Group, one of the two largest business groups under its watch, to the strict restructuring, citing the shipbuilding industry"s generally high debt-to-equity ratio.

www.TurkishMaritime.com.tr

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