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Biz News Korea(Eng)
Hanjin Shipping wins reprieve from bondholders in bonds maturing on Mon
- Collected
- 2016.05.20
- Distributed
- 2016.05.27
- Source
- Go Direct
Hanjin Shipping has met one condition to receive new bailout and relief from banking creditors by gaining the grace period from bondholders. Another one was to persuade its ship-owners to lower the exceptionally high charter fees.
On Thursday, Hanjin Shipping bondholders with stakes in the company’s warrants issued in May, 2013, held a meeting at the company’s headquarters in Yeouido, western Seoul, and a majority of the attendees (91 percent) agreed to push back the May 23 maturity date by four months on bonds worth 35.8 billion won ($30.1 million) . They also were courted to convert their holdings into equity instead of being paid in cash.
Suk Tai-woo, president of Hanjin Shipping, assured the company won’t proceed with capital decrease that could water down the value of stocks and returns for the bondholders.
The shipper will hand out the shares to bondholders early June after taking administrative steps. The reprieve would likely bode well for other bondholders’ meetings. The company has another 190 billion won bonds maturing on June 27.
By Kim Hye-soon, Chung Seok-woo
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]