HHIC creditors fixed debt-equity swap
Korean and overseas creditors of Hanjin Heavy Industries and Construction (HHIC) have decided to go into debt-equity swap. The company stated through a regulatory filing on March 6 that a KRW687.4bn recapitalization is decided. The decision ha...
Commercial banks find ship financing 'interesting'...
The Korea Ocean Business Corporation (KOBC) issued a KRW17.8bn worth guarantee for two VLCCs Daehan Shipping had ordered at a Korean yard on February 25. The senior loan was provided by KDB, KEXIM, and BNP Paribas, while the subordinated loans...
KfW IPEX-Bank to provide financing for AIDA's LNG Cruis
KfW IPEX-Bank is structuring the financing for another cruise ship for AIDA Cruises that is powered with Liquefied Natural Gas (LNG). The Meyer Werft shipyard in Papenburg was once again commissioned to build the ship. This is the second siste...
Korean shipbuilders issue corporate bonds
Korean mammoth shipbuilders Hyundai Heavy Industries (HHI) and Samsung Heavy Industries (SHI) have recently issued corporate bonds via private placement. According to Korean financial market sources, HHI issued company stocks worth KRW 1...
Sungdong fails to select buyer again
The second bid for sale of Sungdong Shipbuilding & Marine Engineering has finally been rejected. The sale process starts again and it is expected that a preliminary bid will be opened in March. The Changwon District Court of Korea, which i...
VEB Group finances SCF tankers
Russia's state-owned bank VEB Group supports financing for the three additional tankers of its compatriot operator Sovcomflot. According to industrial sources, VEB-Leasing, an affiliate of VEB Group, is likely to raise RUB 10bn (ab...
Preferred bidder for Sungdong to be chosen soon
It seems that a preferred bidder for the sale of Sungdong Shipbuilding & Marine Engineering will be chosen on February 22. An official at the Changwon District Court noted, "We have decided to provide three tenders with a final opportunity...
HHIC made a settlement with Philippines banks
Hanjin Heavy Industries and Construction (HHIC) has made a settlement with banks in the Philippines in regard to its debts. HHIC announced that the company and creditor banks of HHIC-Phil have made a settlement on February 14 at Manila, Philip...
Trading HHIC stocks suspended
Hanjin Heavy Industries and Construction (HHIC) has been capital impaired against a backdrop of its overseas subsidiary HHIC-Phil (Subic Shipyard) becoming insolvent. Through a regulatory filing on February 13, the Korean conglomerate re...
JES International files for court receivership
Chinese shipbuilder JES International Holdings is said to have filed for a court receivership to the High Court of Singapore on February 11. The seven shipbuilding arms of the company were ordered to cease their operation by a Chin...
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