Hyundai Merchant Marine says bondholders approve debt-for-equity swap

June 1, 2016 7:57 AM

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SEOUL A majority of Hyundai Merchant Marine Co Ltd (HMM) bondholders have approved a debt-for-equity swap plan, South Korea's second-largest shipper said on Wednesday, paving the way for restructuring of the heavily indebted firm's finances.

HMM, which had debts about 5.2 trillion won ($4.36 billion)at end-March, has about 804.3 billion won in publicly traded bonds outstanding, a spokesman said.

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