HMM’s creditors agree debt-for-equity swap
Hyundai Merchant Marine’s creditors have agreed to swap 680bn (US$573m) won of debt for equity, according to lead creditor Korea Development Bank.
At the end of the first quarter of 2016, the company had debts of 5,2tn won (US$4.28bn)so this move will take it to around 4.52tn won (US$3.8bn), a 13% decrease.
In return, creditors will receive a stake in the business although the size of the stake has not yet been agreed.
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