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.
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Navis N4 TOS Open in Liverpool Terminal

Peel Ports, owners and operators of the Port of Liverpool, has achieved a major milestone in its multi-million investment program to transform the port into Europe’s

AkzoNobel’s Carbon Credits Methodology Wins Award

AkzoNobel’s landmark carbon credits methodology for the shipping industry has won the Best Offsetting Project award in the 2015 Voluntary Carbon Market Rankings.

FSL Trust Inks Tanker Contracts

FSL Trust Management Pte. Ltd., as trustee-manager of First Ship Lease Trust announced new time charter agreements for FSL Shanghai, FSL Hamburg and FSL Singapore.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Ship Electronics Ship Simulators Sonar Winch
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: 0.1132 sec (9 req/sec)