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.