Korea Line Corp's board has blocked the company’s bid for Hanjin Shipping assets.
In a meeting earlier today, the board refused to approve plans to acquire the US-Asia assets of the bankrupt Korean company.
Yonhap reports that stakeholders opposed the acquisition due to concerns over Korea Line’s inexperience in the container shipping industry.
Korea Line, which filed for bankruptcy protection five years ago and was bought by SM Group in 2013 after restructuring, owns mostly bulkers along with a few LNG carriers.
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