Sponsored By

Pan Ocean applies to exit debt rehab

Pan Ocean has applied to the courts in Seoul to exit a two-year long debt rehabilitation process.

Marcus Hand, Editor

July 21, 2015

1 Min Read
Kalyakan - stock.adobe.com

Dual Korea and Singapore-listed entered court let debt rehabilitation proceedings June 2013. The company was bought over by Harim Group and JKL Consortium, which paid KRW1.01trn for Pan Ocean in June this year.

Pan Ocean has now applied to the courts to exit debt rehabilitation having paid a ratio of 91.7% of debt rehabilitation claims.

“Considering the company’s assets, liabilities, management condition and etc, it is expected that there would be no difficulties of repayment to the creditors. And, the company is considered that it can be managed to be a healthy corporate in times to come, thus the completion of rehabilitation procedure has been filed based on the revised rehabilitation plan clause 15 ‘completion and discontinuation of rehabilitation procedure’,” Pan Ocean said in a statement on the Singapore Exchange.

About the Author

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.

Get the latest maritime news, analysis and more delivered to your inbox
Join 12,000+ members of the maritime community

You May Also Like