SEOUL, South Korea – South Korea's Hanjin Shipping says it has received $44.6 million from its current and former chiefs to relieve its global cargo crisis.
Hanjin Shipping spokeswoman Min Park said the chairman of Hanjin Shipping, Cho Yang-ho, sent 40 billion won ($35.7 million) from his personal assets on Tuesday. Former Hanjin Shipping chair Choi Eun-young contributed 10 billion won ($8.9 million).
The cash-strapped container shipper will use the money to pay for unloading billions of dollars' worth of cargo stranded offshore on its ships. The company, South Korea's top ocean shipper, filed for bankruptcy protection on Aug. 31.
Park would not say how much money Hanjin needs to resolve the entire cargo crisis, citing business confidentiality.
Hanjin Shipping is still awaiting 60 billion won pledged earlier by parent company Hanjin Group.