Hyundai Merchant Marine’s (HMM) main creditor Korea Development Bank (KDB) has said the struggling shipowner will not be sold to a foreign buyer, according to reports.
Lee Dong-geol, chairman of the KDB, said that “selling the firm to a foreign buyer needs a cautious approach”, even though a sale would help the state-run bank to improve its financial health, the Korea Herald reports.
The statement would rule out the rumoured possibility of HMM being acquired by Denmark’s Maersk Line.
“We need to see a bigger picture like fostering Hyundai Merchant Marine into the nation’s flagship shipper [sic],” Lee said during a parliamentary audit held on October 4.
Creditors hold a 40% stake in HMM, of which 14% is owned by KDB. The line began a creditor-led restructuring programme in July.
I was told by the South Korea Judge, who is overseeing Hanjin Shipping, bankruptcy that South Korea Government, will not sell any of their ailing fleet to anyone regardless of the money or experience. I, would be very disappointed, If Maersk gets in their to purchase one of these carriers. I don’t care about Hyundai, Maersk can have that..