February 2 - According to reports in the international media, Hyundai Merchant Marine (HMM) is resurrecting an asset sale plan in an effort to avoid bankruptcy as it struggles under a KRW7 trillion (USD5.8 billion) debt.
Reports suggest HMM will go ahead with the sale of Hyundai Securities, and dispose of its stakes in port facilities and other assets, in an attempt to raise cash and repay its maturing dept.
An article in the Korea Times states that Hyundai Group is desperate to revive HMM and has pledged to do everything it can to raise cash in order to boost the shipping company's deteriorating bottom line.
It is reported that the group is asking the Korean Development Bank (KDB) and other creditors to extend HMM's loans and inject fresh capital into the shipping company.
Hyundai Group chairwoman Hyun Jeong-eun has also allegedly vowed to donate her own personal funds to HMM.
Reports also suggest that the shipping line has selected Port of Singapore Authority (PSA) as the preferred bidder to dispose of its majority stake in the Busan New Port; while HMM is still trying to sell is bulk carrier business to Hahn & Company.