Hanjin Group sells off more shares for debt restructuring

Hanjin Group, the nation’s ninth-largest conglomerate, said yesterday that it has prepared 3.6 trillion won ($3.5 billion) of liquidity after selling shares in S-Oil and its bulk carrier businesses as part of its debt restructuring plan announced in December.

According to the chaebol, its affiliate Hanjin Energy sold 32 million S-Oil shares to Saudi Arabia’s Aramco Overseas Company, which is already the biggest shareholder of the nation’s third-largest refiner, for the price of 1.98 trillion won. The deal will be completed on July 27.

In addition, the group said that Hanjin Shipping completed selling its chartered bulk carrier businesses to local private equity fund Hahn and Company to secure 1.6 trillion won of liquidity.

In March, the nation’s largest shipper established a special purpose company called Korea Bulk Shipping and handed over 1.3 trillion won of debt.