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Korea Line faces desliting as sales talks collapse

Korea Line faces desliting as sales talks collapse
Seoul: Korea Line Corp (KLC) is now facing threats of delisting after a preferred bidder for the shipowner withdrew from the negotiation table over differences.

Private equity fund Hahn & Co had conducted due diligence and requested for debts guaranteed by KLC to be resolved. Hahn had offered KRW145bn ($134m).

KLC, which accumulated massive debts of approximately $942m, filed for court protection in early 2011 after it failed to renegotiate contracts for its chartered vessels.

The shipping company is not finding alternatives to avert a delisting from the Korea Stock Exchange to minimise losses for its shareholders.

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