Latest news from Heavy Lift & Project Forwarding International Magazine

Pan Ocean in new debt for equity swap

April 20 - Pan Ocean has revealed intentions to issue a new round of shares within its debt for equity swaps with creditors.

The restructured company plans to issue 757,844 shares on April 29. The move comes as Pan Ocean settles claims arising from its recent bankruptcy.

The main creditor listed is Merrill Lynch, which is awarded 595,924 shares. Other creditors include Nordana, Strategic Bulk Carriers and Korea Line Corporation.

In February 2015 Pan Ocean signed the investment contract with its preferred bidder Harim Group & JKL Consortium.

This also coincides with Pan Ocean's announcement that it is currently making amendments to its rehabilitation plan, and will submit a revised plan to the Korean Court within the next few days.

Key terms of the revised plan, such as the discount rate of cash repayment and the decision about the reduction of capital, will be disclosed once the company has submitted the plan, said Pan Ocean.

HLPFI reported on March 25 that Pan Ocean had posted a profit of USD748.5 million for 2014, recovering from the huge loss of USD1.76 billion it posted during 2013.

 

 

www.panocean.com

Heavy Lift | News

Höegh Autoliners names CEO thumbnail image

Höegh Autoliners names CEO

June 3 - Norwegian ro-ro shipping group Höegh Autoliners has named Andreas Enger as ceo, effective September 8, 2020.
Views: 270
Tadano opens Brisbane office thumbnail image

Tadano opens Brisbane office

June 3 - Tadano Oceania has opened a 14,000-sq m head office in the Brisbane suburb of Lytton, Australia.
Views: 180
Lift & Move USA launches website thumbnail image

Lift & Move USA launches website

June 3 - Lift & Move USA has launched a website showcasing the careers, industries and types of work related to the crane, rigging and specialised transport industry.
Views: 276

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.