AsiaContainers
HMM shareholders agree to 7-to-1 capital reduction
Shareholders of Hyundai Merchant Marine (HMM) today approved a capital reduction in order to keep the line listed in Seoul.
Shareholders approved a 7-to-1 capital reduction proposal at an annual shareholder meeting.
HMM’s creditors, led by state-run Korea Development Bank, will discuss the company’s rehabiliation plans next week which would see some of its maturing debts rolled over and others rescheduled.