Seoul: Under its new owners, the rejuevenated Korean line Pan Ocean has filed with a court in Seoul to finish its rehabilitation procedure.
The line, which was part of the STX Group, went into rehab in June 2013, weighed down by a massive $5bn of debts. Founded in 1966, Pan Ocean was bought out by STX 11 years ago. Last month, Korean poultry processor Harim Group took over the line.
Pan Ocean said in a statement that currently 91.7% of its rehabilitation claims have now been paid with the remainder easily repayable.
“[T]he company is considered that it can be managed to be a healthy corporate in times to come,” Pan Ocean said in a filing.
