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Biz News Korea(Eng)
Hankook Machine Tools wins court-led debt relief
- Collected
- 2017.03.29
- Distributed
- 2017.03.30
- Source
- Go Direct
The plan, with the backing of two thirds of its creditors, proposes to turn 70 percent of its debt into equity and allow the company to repay the rest 30 percent from 2020 to 2027.
The secured buildings and properties would be sold and leased back to the company. The unsold would be converted into equity or repaid in cash. About 70 percent of the existing shares or 100 percent of treasury shares would be cancelled.
Hankook Machine Tools, manufacturer of machine tools, filed for court receivership in July last year after its primary shipbuilding customer STX Offshore & Shipbuilding went bankrupt. Its sales fell to 79.3 billion won ($71.2 million) in 2015 from 87.8 billion won in 2014. Operating losses widened to 16.6 billion won from 11.8 billion in 2014.
By Yoo Tae-yang
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