Hyundai Merchant Marine Share Sale Helps Avert Bankruptcy

Thursday, November 02, 2000
South Korea's Hyundai Engineering & Construction sold $33.47 million worth of shares in Hyundai Merchant Marine on Wednesday as part of efforts to raise capital to avert bankruptcy. Hyundai Engineering, parent of Hyundai Group, barely avoided insolvency on Tuesday after creditors agreed to roll over 30 billion won in maturing debts. The builder sold 15.6 million common shares in Hyundai Merchant to Hyundai Elevator , investor relations official Kim Sung-kook said. The Hyundai Merchant shares were sold at 2,430 won their closing level on Wednesday. They closed up almost 11 percent on Thursday, while Hyundai Engineering shares surged almost 15 percent to close at 1,350. Hyundai Engineering's stake in the shipping company fell to 8.69 percent from 23.86 percent. Parent of Hyundai Group, the country's second largest conglomerate, the construction firm's next hurdle comes on Friday, when $80 million worth of bonds with warrants mature.

Finance

SOS from Hanjin Shipping

The creditors' extended help is crucial for survival of Hanjin Shipping Co as its negotiations with owners of chartered ships over a cut in leasing rates and to

NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands

The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically

Skaugen Goes to Red Again

Norwegian Marine Transportation Service Company I.M. Skaugen SE reported interim losses but cautiously positive and expecting a gradual recovery of trading opportunities

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0739 sec (14 req/sec)