(Bloomberg) – STX Pan Ocean Co., South Korea’s largest
commodities-shipping company, slumped to the lowest level in Seoul trading
since its listing after a court accepted its application to seek protection.
Pan Ocean fell by its daily 15 percent limit to 2,185
won, the lowest price since September 2007, when it debuted on the Korea
Exchange. Trading in the shares had been halted since June 6, and the company
filed for court receivership the next day. The stock was the worst performer on
the benchmark Kospi index today.
“This is only the start of more pain for Pan Ocean and
other units of STX Group,” said Cho Byoung Hee, an analyst at Kiwoom Securities
Co. in Seoul. “The court’s acceptance will mean investors will see their equity
written down and creditors will swap debt for equity as part of the
restructuring plan.”
The shipping company sought court receivership after
Korea Development Bank, the main creditor and Pan Ocean’s second- biggest
shareholder, decided against buying the company from STX Group. The parent has
been trying to raise 2.5 trillion won ($2.2 billion) by selling stakes in units
as a slump in bulk shipping rates caused ship orders to tumble.
STX Offshore and two other units of the STX Group had
voluntarily sought debt rescheduling with their creditors.
- Kyunghee Park, Copyright 2013 Bloomberg.
Source : Bloomber, 17.06.13.
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