Hyundai Merchant Marine creditors agree to $570 million debt-for-equity swap

by SpeedLux
Hyundai Motor

Creditors of South Korean carrier Hyundai Merchant Marine Co Ltd have actually accepted a 680 billion won ($ 570.27 million) debt-for-equity swap, top lender bank Korea Development Bank stated on Tuesday.

Container lines, which transfer everything from bananas to iPhones, are having problem with the confluence of an excess of ships, a failing worldwide economy and weaker consumer need.

Hyundai Merchant Marine had debts of around 5.2 trillion Korean won since the quarter ending in March, as per a company filing. Squeezed by exactly what is extensively considered the worst slump ever for the industry, the Korean shipper is attempting to work out lower charter charges from shipowners.

The contract is contingent on conditions having Hyundai Merchant Marine signing up with an alliance involving significant shipping companies. A Korea Development Bank authorities stated the size of stake the lenders will collectively wind up with in Hyundai is not yet set. ($ 1 = 1,181 won).

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

SpeedLux

SpeedLux is a high-authority automotive blog providing the latest automotive news and reviews. SpeedLux covers everything related to cars, bikes, and motorcycles, from news and reviews, to troubleshooting guides, tips and tricks, and more. SpeedLux was born in 2009 and we have over 20,000 articles published on our blog. We thank all our readers, as well as our partners, without whom we could not have reached this level.

Subscribe

©2009 – 2024 SpeedLux – Daily Automotive News and Reviews. All Right Reserved.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More