Major HMM shareholders reduce capital

Hyundai Merchant Marine now takes another step in the large-scale restructuring efforts as three of the group's major shareholders reduce their share capital ahead of a debt to capital conversion involving main creditor Korea Development Bank.

by DANIEL LOGAN

Hard-pressed South Korean shipping group Hyundai Merchant Marine (HMM) is now taking further steps in the comprehensive restructuring work that includes, among other factors, negotiations with bondholders, shipowners and the company's creditors headed by state-owned Korea Development Bank (KDB).

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