Creditors next week will start discussing a debt-to-equity swap plan with Korean line Hyundai Merchant Marine (HMM), its lead creditor Korea Development Bank (KDB) has revealed.
Creditors and the government have given HMM until May 20 to conclude negotiations with foreign owners to cut rates on its chartered in fleet, a crucial first step in HMM’s restructuring.
All HMM bondholders will then meet on May 31 and June 1 to renegotiate over KRW804.3bn in debts.
Source: Splash 24/7
Source: Splash 24/7