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HMM one step closer to survival as bondholders approve restructuring

Cash-strapped Hyundai Merchant Marine (HMM) moved another step further towards avoiding court receivership with bondholders approving its debt restructuring plan.

Marcus Hand, Editor

May 31, 2016

1 Min Read
Kalyakan - stock.adobe.com

HMM’s bondholders reportedly unanimously agreed to a proposal on some KRW630bn ($529m) debt to swap more than half of it for equity in the shipping line, at bondholder meetings on Tuesday. The remainder will be paid back over three years after a two-year moratorium.

Local reports indicated that bondholders saw the restructuring plan as preferable to receivership.

HMM is also in last-ditch negotiations with shipowners to cut charter rates on containerships and bulkers, with talks said to have produced significant progress on Monday, following a previous impass.

About the Author

Marcus Hand

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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