Cash-strapped Hyundai Merchant Marine (HMM) moved another step further towards avoiding court receivership with bondholders approving its debt restructuring plan.
HMM’s bondholders reportedly unanimously agreed to a proposal on some KRW630bn ($529m) debt to swap more than half of it for equity in the shipping line, at bondholder meetings on Tuesday. The remainder will be paid back over three years after a two-year moratorium.
Local reports indicated that bondholders saw the restructuring plan as preferable to receivership.
HMM is also in last-ditch negotiations with shipowners to cut charter rates on containerships and bulkers, with talks said to have produced significant progress on Monday, following a previous impass.
Source: Seatrade Maritime News
Source: Seatrade Maritime News