SEOUL, Dec 12 (Reuters) - Restructuring South Korean shipper Hyundai Merchant Marine Co Ltd (HMM) said on Monday creditors had agreed to provide fresh funds of about 300 billion won ($255 million) in December for its asset acquisition plans.
The statement comes one day after HMM agreed with the 2M shipping alliance to form a cooperative relationship that falls short of full-fledged membership but which it said met a key criteria for a debt restructuring deal.
HMM is the preferred bidder to buy a port terminal in Algeciras, Spain, partly owned by Hanjin Shipping Co Ltd and is in a consortium with Mediterranean Shipping Co (to acquire Hanjin’s Long Beach Terminal in the U.S.
HMM also said that it is targeting an operating margin of 5 percent and a 5 percent share of the global shipping market by 2021. ($1 = 1,173.6000 won) (Reporting by Joyce Lee; Editing by Edwina Gibbs)