February 13 - Having received approval from the relevant Korean court, Harim Group and the JKL Consortium have signed a contract for the purchase of Pan Ocean.

This follows the news posted by HLPFI on December 23 that a memorandum of understanding regarding the purchase had been signed by the two parties. 

According to an announcement on the Singapore stock exchange, the agreement will lead to Pan Ocean being recapitalised through a debt for equity swap, with an undertaking fund of more than KRW1 trillion (USD900 million) available to repay the rehabilitation claim and renumerate the financial advisor of the company.