According to MANA,HMM will sell the convertible bonds to its creditors including Korea Development Bank, Woori Bank, KB Bank, Korea Securities Finance Corp and NongHyup Bank, the carrier said.
HMM issued 280m new shares at $8.23 apiece to shareholders, creditors, bondholders and shipowners in a debt-to-equity swap that reduced the shipping line's debt load.
In June, HMM concluded financial restructuring negotiations. Five containership owners agreed to cut charter rates by 20% while bulk ship owners were willing to accept a 25% reduction.
The attainment of the conditions paved the way for the carrier's planned debt-to-equity swap to be executed.