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Alphaliner says HMM bankruptcy close, but reveals nothing new
PARIS consultancy Alphaliner says the bankruptcy of troubled South Korean carrier Hyundai Merchant Marine (HMM) is drawing near, but reveals nothing new.
The state-owned Korean Development Bank (KDB), said it would back the ailing carrier's restructuring plan depending on a number of conditions within a certain time period.
Said Alphaliner: "While KDB has agreed to extend principal and interest payments by three months, the company will still be required to secure approval from HMM's bondholders for the extension of the bonds' repayment maturity, which is reported to include KRW220.8 billion (US$190 million) due at the end of April, and an additional KRW299.2 billion due at the end of July."
The state-owned Korean Development Bank (KDB), said it would back the ailing carrier's restructuring plan depending on a number of conditions within a certain time period.
Said Alphaliner: "While KDB has agreed to extend principal and interest payments by three months, the company will still be required to secure approval from HMM's bondholders for the extension of the bonds' repayment maturity, which is reported to include KRW220.8 billion (US$190 million) due at the end of April, and an additional KRW299.2 billion due at the end of July."
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