High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
SEOUL, June 1 (Reuters) – A majority of Hyundai Merchant Marine Co Ltd (HMM) bondholders have approved a debt-for-equity swap plan, South Korea’s second-largest shipper said on Wednesday, paving the way for restructuring of the heavily indebted firm’s finances.
HMM, which had debts about 5.2 trillion won ($4.36 billion)at end-March, has about 804.3 billion won in publicly traded bonds outstanding, a spokesman said.
The debt restructuring plan includes a debt-for-equity swap for over 50 percent of the applicable bonds, while the remaining amount is to be payable in three-year installments, after a two-year grace period.
Last week, HMM’s creditor banks agreed to a 680 billion won debt-for-equity swap. ($1 = 1,192.1300 won) (Reporting by Joyce Lee; Editing by Kenneth Maxwell)
(c) Copyright Thomson Reuters 2016.
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