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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.

Marcus Hand, Editor

October 28, 2013

1 Min Read
Kalyakan - stock.adobe.com

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.

Read more about:

SingaporeSGX

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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