HMM debt-swap leaves KDB as biggest shareholder

Korea Development Bank (KDB) has become the biggest shareholder in Hyundai Merchant Marine.

A regulatory filing revealed the state bank has replaced Hyundai Elevator as the biggest investor after the shipowner issued shares in a debt-for-equity swap after completing its restructuring.

HMM had previously said it was issuing stock worth KRW 2.5 trillion ($2.1bn) to settle its debts.

The 236m new shares at KRW 10,700 each were to be awarded to creditor banks, bondholders and shipowners who will convert their debts into equity.

Hyundai