17 Oktober 2014

[171014.EN.SEA] Hyundai Merchant Marine to Terminal Share as Assets Go To Meet Debt

KOREA's debt-ridded Hyundai Merchant Marine has announced plans to raise US$140 million by selling shares in Los Angeles' California United Terminal and Tacoma's Washington United Terminals.

Private equity firm Lindsay Goldberg is the preferred bidder and the deal involves the sale of convertible preferred stock, reports Lloyd's List.

With the sale expected to close in the first quarter of 2015, the Hyundai Group is trying to raise cash to raise KWN3.3 trillion (US$3.2 billion) to meet maturing debt.

Already, Japanese private equity firm Orix Group has purchased a majority share in July of Hyundai Logistics Co from Hyundai Group.

HMM also sold 80 per cent of its LNG tanker fleet to investment company IMM and last month, and announced the sale of 6.2 million convertible preferred shares to Hong Kong investment company Market Vantage, raising KWN60 billion.

HMM narrowed its second quarter operating loss 87 per cent to KWN47.6 billion year on year, also reported a net profit of KWN70.1 billion without explaining the cause of the one-off gain that had it back in the black, noted Lloyd's List.

Source : HKSG.

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