Hyundai Merchant Marine facing court receivership

Hyundai Merchant Marine facing court receivership

The clock is ticking for embattled Hyundai Merchant Marine (HMM). South Korea’s finance minister Yoo Il-ho said yesterday HMM will face court receivership unless it can cut its charter payments to fellow owners.

HMM said this week that it has managed to get 60% of owners to cut charter fees so far.

Reports earlier this week suggested HMM’s main creditor, state-run Korea Development Bank (KDB), would take over the line, although neither company has confirmed this despite repeated prompting from Splash.

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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