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Hyundai Merchant Marine says creditors to provide $255 mln in fresh funds
December 12, 2016 / 1:11 AM / 9 months ago

Hyundai Merchant Marine says creditors to provide $255 mln in fresh funds

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)

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