법무법인(유한) 율촌 | Yulchon LLC

Yulchon"s Finance Team represented Hanjin Shipping Co., Ltd. in financing the purchase of two used ships. Hanjin Shipping borrowed a total of USD 45 million from The Korea Development Bank to finance the purchase of a 35,000 DWT bulk carrier and a 59,000 DWT bulk carrier via special purpose companies established in Panama and will repay the loan with revenue from the operation and chartering of the ships.
 

The Finance Team provided advice throughout the entire transaction including finalization of the ship financing structure, preparation of various transaction documents including security documents, various amendments to such agreements, establishment of the special purpose companies, process relating to the drawdowns of funds, delivery and handover of the ships.
 

Senior foreign counsel Christopher Joon Tae Cho and Jung Pyo Seo from the Finance Team handled this transaction.
 

The Finance Team also represented The Korea Development Bank in extending a USD 36 million loan to Hyundai Glovis Co., Ltd. for the purchase of three used ships. Glovis purchased a 208,190 DWT bulk carrier, a 45,304 DWT bulk carrier and a 3,800-vehicle carrier with the loan via three special purpose companies established in Panama and will repay the loan with the profit generated by the operation and chartering of the ships.
 

The Finance Team provided advice throughout the documentation, negotiation and closing process and effectively coordinated the interests of the parties involved to successfully close this transaction.
 

Senior foreign counsel Christopher JoonTae Cho handled this transaction.