이 누리집은 대한민국 공식 전자정부 누리집입니다.
Biz News Korea(Eng)
Hyundai Merchant Marine given another week or so to lower charter fees to avoid insolvency
- Collected
- 2016.05.21
- Distributed
- 2016.05.27
- Source
- Go Direct
“We will let the company negotiate without working against (physical) deadline,” said Financial Services Commission (FSC) Chairman Yim Jong-yong told reporters on Friday. The shipping company initially had until this week to present eased charter terms in return for debt workout arrangement. It had invited key leasers of cargo carriers this week, but failed to change the long-term contracts. “What’s important is the result. We will allow more time for the talks in final stage to end smoothly,” Yim said.
But the government maintains that the shipping company would have to take court receivership procedure if it cannot bring down the charter fees that eat up most of what it earns amid slow business.
The company, however, does not have much time. Korea Development Bank and other creditors will hold a meeting on Tuesday next week to endorse bailout program including debt-to-equity swap. If the company fails to present lowered fees by then, it inevitably would have to declare insolvency unless the meeting is postponed. It nevertheless would have to settle the matter at least by May 31 when bondholders are due to meet.
By Yoon Jin-ho
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