Several agreements are falling into place these days for the struggling South Korean shipping group Hyundai Merchant Marine (HMM). On Tuesday, the carrier was able to secure an agreement with several of the company's bondholders through three meetings, informs HMM in a statement.

With the bondholders' go-ahead to the company's plan to impair debt and push back payment on interests and loan installments for this year and 2017, HMM has cleared one of the obstacles to get the carrier through the crisis. The plan means that close to 50 percent of the debt will be converted into shares in HMM, while outstanding debt will be paid over two years, informs the company.

The carrier also made it clear to the bondholders that they would be able to sell their shares right away once the debt was converted.

"After being briefed by HMM that on-going charter negotiations are also showing some significant progress, the investors who attended today’s meetings accepted the conditions proposed by the company."

HMM gets more time for rate negotiations

The last two meetings with bondholders will be held on Wednesday, and Hyundai Merchant Marine expects that the company's plan will be received positively here as well.

"We sincerely thank our investors’ kind understanding and trust as their support is vital for normalizing HMM’s business," says a HMM spokesperson in the statement.

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