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Pan Ocean seeks end of court rehab

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.

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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