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Shareholders approve Hyundai Merchant‘s capital reduction
By Korea HeraldPublished : March 18, 2016 - 13:55
Shareholders of Hyundai Merchant Marine on Friday gave a nod to a capital reduction designed to keep the country’s No. 2 shipping line listed on the local stock exchange.
Shareholders approved the 7-to-1 capital reduction proposal at an annual shareholder meeting.
Hyundai Group has been working to salvage Hyundai Merchant, which has been in the red for years due to a decline in freight rates and global trade.
Recently, the group announced a set of self-rescue measures to improve the financial health of the company, including an asset sale.
Shareholders approved the 7-to-1 capital reduction proposal at an annual shareholder meeting.
Hyundai Group has been working to salvage Hyundai Merchant, which has been in the red for years due to a decline in freight rates and global trade.
Recently, the group announced a set of self-rescue measures to improve the financial health of the company, including an asset sale.
Hyundai Merchant’s creditors, led by state-run Korea Development Bank, will discuss self-rescue plans for the shipper next week, and decide whether to approve the proposal by the end of the month.
If the plans are approved, the shipper‘s maturing debts will be rolled over and part of them will be rescheduled.
Last year, Hyundai Merchant posted 254 billion won in operating losses on sales of 5.77 trillion won, with its capital significantly eroded. (Yonhap)
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Articles by Korea Herald
