Hyundai Merchant Marine’s (HMM) creditors, led by state-run Korea Development Bank, have approved the South Korean shipping company’s self-rescue plan, which aims to help HMM manage its spiralling debts.
The plan will allow HMM to roll over maturing debt and interest by three months, Yonhap reports. The company’s debt ratio is currently around 1700%.
Hyundai Glovis, the logistics unit of car manufacturer Hyundai Motor, had been tapped to take over HMM, which is more than $5bn in debt, but Hyundai Motor this month said it would not invest in the company.
