KDB to entirely reform HMM

Capt. John

Korea Development Bank (KDB) has vowed to carry out intense reform of Hyundai Merchant Marine (HMM) to normalize the ailing shipping firm’s management. KDB is HMM’s largest shareholder with a 13.13 percent stake.

The decision came after a due diligence submitted by Samil PricewaterhouseCoopers, which claimed HMM could be “capital impaired next year and the bailout requires at least 6 trillion won ($5.32 billion) by 2022.”

The due diligence also includes HMM’s debt, currently estimated at 2.54...

http://container-news.com/kdb-entirely-reform-hmm/

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