Creditors take over insolvent shipbuilder Hanjin Heavy

A series of banks led by Korea Development Bank are taking over a majority stake in insolvent Hanjin Heavy Industries in a debt-equity swap.

Photo: Mitsubishi Heavy Industries

Bankrupt South Korean shipyard Hanjin Heavy Industries and Construction (HHIC), and its creditors have agreed to salvage the shipbuilder through a debt-equity swap worth USD 610 million, several international media report.

The agreement, led by Korea Development Bank, will hand creditors a controlling 84 percent stake in the company, while public equity shares will be reduced by a factor of five. This will make the state-owned bank Hanjin Heavy's new majority shareholder. Trading of the yard's equity has been suspended since February 13.

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