Pan Ocean’s rehabilitation plan has been approved by the Seoul Central District Court, following the agreement of more than two thirds of unsecured claims creditors (87.0%) and more than half of shareholders (61.6%), the bulker owner said in a stock exchange filing.
The company submitted the revised rehabilitation plan to the court on 21st April 2015, and submitted the revised rehabilitation plan (amendment) on 5th June 2015.
The revised rehabilitation scheme will see the creditors recover 83% of the debt under a takeover deal with Harim Group & JKL Consortium.
The deal provides for Pan Ocean’s recapitalization through sale of equity, thus covering the company’s accumulated debt.
Harim submitted USD 9.7 billion for the acquisition which is expected to be wrapped up next month.
South Korea-based bulk carrier, formerly STX Pan Ocean, entered court receivership in June last year, for the second time in two decades, after its parent company STX Group failed to sell the unit due to an ongoing downturn in the industry.
World Maritime News Staff