South Korean 2018 Olympic chief quits

Olympic Rings

The business tycoon who led South Korea’s organizing committee for the 2018 Winter Olympics has quit last week amid escalating financial troubles at the business group his family controls.Cho is chairman of the Hanjin Group, which controls Olympic sponsor Korean Air and a major shipping company struggling with heavy debt. Cho said he couldn’t continue with the Olympic job because he needs to focus on stabilizing Hanjin Shipping, South Korea’s largest container carrier, which said last week that it will undergo a debt revamp program with creditors in its last—ditch efforts to stay in business.