Hyundai Motor has steered clear of being drawn into any rescue package for ailing shipping line, Hyundai Merchant Marine (HMM).
Hyundai Glovis, a logistics unit of the car manufacturer, had been tapped to take over HMM, which is weighed down by more than $5bn in debts, but Hyundai Motor stated publically today to Korean newswire Yonhap it will not invest in HMM.
HMM’s parent, Hyundai Group, is run by the widow of the late brother of Hyundai Motor’s chairman Chung Mong-koo.
On Friday, HMM shareholders approved a capital reduction aimed at preventing it from being delisted from the local stock market.
