Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Pan Ocean’s revised rehabilitation plan approved by court

Pan Ocean’s revised rehabilitation plan approved by court
South Korean shipowner Pan Ocean has announced a court approval for its revised rehabilitation plan, which includes an increase in paid-in capital and a new offering deal.

Singapore-listed Pan Ocean said the company’s revised rehabilitation plan on 12 June 2015 has been approved by the court upon the agreement from 87% of unsecured claims creditors and 61.6% of shareholders.

The revised plan stated that confirmed claims, which include corporate bonds, general trade debts, guarantee claims, will be repaid at 83% in cash, with the remaining waived. This compares to the 81.96% level announced in April.

Pan Ocean will also issue 340m shares at an issuing price of KRW2,500 ($2.24) to Cheil Holdings Co for 272m shares and Poseidon2014Private Company for 68m shares.

The former STX Pan Ocean had completed an earlier rehabilitation plan last year via a debt-for-equity rescue deal involving $1.17bn in unsecured debts. It is now in the process of being sold to domestic poultry processor Harim Co.

In the first quarter of this year, Pan Ocean achieved a net profit of KRW106m, a jump of 208.5% from the gain of KRW34.35m recorded in the previous corresponding period.