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HomeMaritime NewsRegionsAsiaSTX Pan Ocean seeks to convert $1.26bn in debt to shares

STX Pan Ocean seeks to convert $1.26bn in debt to shares

STX Pan Ocean seeks to convert $1.26bn in debt to shares
STX Pan Ocean’s debt rehabilitation plan would see it converting $1.26bn worth of debt into shares.

The Singapore and Seoul-listed dry bulk owner and operator debt rehabilitation plans submitted to the Seoul Central District court would see it converting much of its debts to equity.

For bond debts KRW780bn ($735m) in debt would be decreased by the issue of 780m new shares. In the case of loan debt 184m new shares would be issued decreasing debt by $173.4m.

In total across various different classes of debt STX Pan Ocean plans to convert $1.26bn worth of debt into new shares.  

STX Pan Ocean filed for receivership in early June.

TAGS: Dry Bulk Finance & Insurance Singapore SGX
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