The clock is ticking for embattled Hyundai Merchant Marine (HMM). South Korea’s finance minister Yoo Il-ho said yesterday HMM will face court receivership unless it can cut its charter payments to fellow owners.
HMM said this week that it has managed to get 60% of owners to cut charter fees so far.
Reports earlier this week suggested HMM’s main creditor, state-run Korea Development Bank (KDB), would take over the line, although neither company has confirmed this despite repeated prompting from Splash.
Source: Splash 24/7
Source: Splash 24/7