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HMM debt-to-equity swap plan to be discussed

Photo of Sam Chambers Sam ChambersMay 11, 2016
6 Less than a minute

Creditors next week will start discussing a debt-to-equity swap plan with Korean line Hyundai Merchant Marine (HMM), its lead creditor Korea Development Bank (KDB) has revealed.

Creditors and the government have given HMM until May 20 to conclude negotiations with foreign owners to cut rates on its chartered in fleet, a crucial first step in HMM’s restructuring.

All HMM bondholders will then meet on May 31 and June 1 to renegotiate over KRW804.3bn in debts.

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Photo of Sam Chambers Sam ChambersMay 11, 2016
6 Less than a minute
Photo of Sam Chambers

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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