Meanwhile, the Korea Herald said HMM is looking for a new CEO with possible candidates including former HMM CEO Noh Jeong-ik and former APL CEO Ron Widdows, while Widdows informed American Shipper the report was just speculation and he is not involved.
South Korean liner carrier Hyundai Merchant Marine (HMM) will list new stock on Friday after wrapping up its restructuring plan, the Korea Herald reported.
On July 21, HMM said it signed an agreement with its creditors to proceed with restructuring plans and as a result, the Korea Development Bank became the company’s largest shareholder.
Earlier this week, the Financial Times reported HMM’s shares fell nearly 30 percent and that it would sell convertible bonds with a 0.5 percent yield to five creditors, including the Korea Development Bank and Woori Bank.
Shareholders are concerned about further dilution of their shares if the bonds are created.
Meanwhile, The Korea Herald said HMM is looking for a new CEO and that possible candidates include the head of the Incheon Port Authority who once worked at HMM, former HMM CEO Noh Jeong-ik, and former APL CEO Ron Widdows.
However, in an email to American Shipper, Widdows said the report was ” just speculation, I’m not aware of what they are up to regarding a new CEO, but I’m not involved.”
Report: HMM to list new stock Friday
