March 6 - Korean shipping company, Pan Ocean has appointed Samil PricewaterhouseCoopers as its advisor to provide guidance and support in a potential merger or acquisition operation.
Pan Ocean has received an approval from the Seoul Central District Court for proceeding with the proposed merger or acquisition of the company and, after going through a public bidding process, selected Samil PricewaterhouseCoopers ("Samil") as its advisor yesterday.
The company is entering into a service contract with Samil to push forward the process.
Pan Ocean, which was called STX Pan Ocean, has been in receivership since June 2013 after running up debts of over USD5 billion. It reported a USD1.77 billion loss for 2013.
STX was dropped from the company's name after a debt-for-equity swap was agreed that saw main creditor Korea Development Bank become a main shareholder.