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HMM to raise over two billion dollars for rescue plan

South Korean carrier Hyundai Merchant Marine is nearing the final phase of its comprehensive restructuring process. Now the cash-strapped carrier has announced that it will raise more than two billion US dollars to fund the rescue plan, according to local media.

Photo: Hyundai Merchant Marine

The South Korean shipping group Hyundai Merchant Marine (HMM) has spent months working intensely to get its finances back on track after several years of massive deficits in a historically struggling market. Now the carrier is gradually moving into the final phase of its restructuring process.

The carrier announced to South Korea's Financial Supervisory Service on Tuesday that it will raise around USD 2.2 billion for the restructuring, reports Korea Joongang Daily

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