Restructured Korean bulker owner Pan Ocean has handed out more new stock to settle debts.
It said it had issued 0.88m shares at KRW 12,500 each, for a total of KRW 11.04bn ($9.76m).
The former STX shipping company has been handing out shares worth more than $1.4bn to creditors in an ongoing debt-for-equity swap.
It was bought last year by poultry processing group Harim after emerging from court receivership.
