South Korean bulker operator Pan Ocean said on 17 April that it is amending its rehabilitation plan and will submit the revised plan to the South Korean courts next week.
Key terms of the revised plan, such as discount rate of cash repayment and decision of reduction of capital, will be disclosed once Pan Ocean submits the plan to the court.
Pan Ocean went into receivership after incurring over USD5 billion in debts in 2013, after being battered by tonnage overhang following the global financial crisis.
A series of debt-to-equity swaps saw Korea Development Bank become Pan Ocean’s biggest shareholder.
South Korean poultry processor Harim Group has agreed to acquire Pan Ocean as it looks to boost its grain import business.