Hyundai Merchant to complete debt-for-equity swap this month
July 12, 2016
Financially troubled Hyundai Merchant Marine Co. proposes to sell stocks worth 2.49 trillion won ($2.16 billion) this month, which includes 1.9 trillion won worth of debt-for-equity swap, industry sources said Tuesday.According to the sources, Hyundai Merchant, the country's No. 2 shipping line, is seeking to sell stocks at 8,890 won per share to creditors, bondholders, owners of chartered ships and even retail investors this month.Of the proposed amount, some 1.9 trillion won, or 76 percent, is