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FINWIRES

Hanjin Logistics Guarantees KRW70.8 Billion Debt for Affiliate

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Hanjin Logistics (KRX:002320) has provided a 70.8 billion South Korean won debt guarantee to Seoul Guarantee Insurance for affiliate Incheon Global Container Terminal.

Shares of the logistics company fell 5% in recent trade.

The guarantee supports a performance bond for the affiliate's Incheon New Port Phase 1-2 Container Pier project agreement with the Incheon Port Authority, according to a South Korean bourse filing.

The guaranteed amount represents 130% of the underlying debt of 54.43 billion won.

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