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Pan Ocean seeks court reprieve

July 22 - South Korean shipping line Pan Ocean has applied to exit its court ordered rehabilitation plan, while appointing new chief executive officers to lead the organisation.

In a filing released on the Singapore stock exchange, Pan Ocean claims it can repay its remaining creditors and could develop into a healthy corporation in times to come. The answer to Pan Ocean's application for the completion of rehabilitation proceedings will be disclosed at a later date.

Pan Ocean, formerly known as STX Pan Ocean, entered into receivership during June 2013 and commenced its rehabilitation plan during November the same year. HLPFI reported in June 2015 that South Korean poultry processor Harim Corp was prepared to complete the purchase of Pan Ocean after creditors and shareholders approved a rescue plan for the carrier, for the sum of KRW1.08 trillion (USD970 million). 

Meanwhile, Pan Ocean appointed two new chief executive officers - Kim Hong Kuk and Choo Sung Yob - to oversee the line's activities. Four independent directors were also appointed: Choi Seung Hwan; Chang Yoo Whan; Shin Jeong Shik and Christopher Anand Daniel.

www.panocean.com

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