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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.

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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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