Hyundai Merchant Marine in nose-dive on stock exchange
South Korea's Hyundai Merchant Marine dove to the bottom of the Seoul stock exchange in a massive price plunge of almost 30 percent after creditors launch plans to issue bonds as part of the rescue plan for the company.
BY OLE ANDERSEN
South Korean carrier Hyundai Merchant Marine, which has been tagged as the new partner for Maersk Line and MSC in the container alliance 2M, plummeted on the Seoul stock exchange, dropping close to 30 percent because of the creditors' plan to issue convertible bonds worth USD 179 million, writes Bloomberg. Investors believe that the bonds will later be converted into shares and thus dilute the existing shares.
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