ShippingWatch

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.

Read the whole article

Get 14 days free access.
No credit card required.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Further reading

Related articles

Latest news

See all jobs