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Korea Republic of : Hyundai Merchant Marine's stockholders approve capital reduction.

In order to keep it listed on the Korea stock exchange, as the company's lenders rejected its proposal to reschedule debt, pushing it closer to bankruptcy, stockholders of Hyundai Group's shipping arm Hyundai Merchant Marine (HMM) have approved a capital reduction.

In spite of being rejected, HMM and its main lender, the state-owned Korea Development Bank (KDB), said they will enter into a voluntary agreement (VA) on 29th March after consulting other creditor banks on 22nd March.

Meanwhile, the shipping line's stockholders accepted HMM's proposal, announced earlier this month, to consolidate stock on a 1-for-7 basis.

KDB said,"Creditor banks will use their utmost endeavours to minimise losses for all interested parties and normalise HMM's management. We ask all interested parties for full understanding and co-operation as their participation to share the burden is the only possible measure to normalise HMM."

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Publication:Mena Report
Date:Mar 22, 2016
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