An early repayment of debt resulted in South Korean bulker outfit Pan Ocean incurring a net loss for the second quarter of 2015.
Pan Ocean went into receivership in June 2013 after incurring more than USD5.00 billion of debt.
It has completed rehabilitation procedures after a consortium comprising poultry processor Harim Group and private equity firm JKL Partners bought it over.
Pan Ocean said on 30 July that it had an operating profit of USD44.806 million for the second quarter of 2015, down from USD53.451 million for the same period last year.
Related news:Pan Ocean executes new round of debt-to-equity swaps
Overall, the company had a net loss of USD154.691 million for the second quarter of 2015, reversing a USD105.985 million profit for the second quarter of 2014.
A net loss was incurred due to a loss on early extinguishment of debt, according to the creditor’s claim amount, explained Pan Ocean.
This post was sourced from IHS Maritime 360: View the original article here.