Seoul: South Korea’s Pan Ocean has released details of its rehabilitation plan which will see it push through a new share placement scheme worth KRW850bn ($785m).
The shares will help pay back debts and will be handed to lead creditors including Merrill Lynch. Pan Ocean, formerly part of the beleaguered STX Group, entered court receivership two years ago with debts of $5bn.
In February this year, Korean poultry group Harim Group along with a local private equity firm bought out Pan Ocean for $950m. Harim has said it will use the 94-strong Pan Ocean fleet to get into the grain trades.
Founded in 1966, Pan Ocean was bought out by STX 11 years ago.
