Marine Firm Gets Assistance Pledge

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Marine Firm Gets Assistance Pledge

The Financial Supervisory Service said Wednesday that creditors of Hyundai Merchant Marine have pledged to improve the company's financial structure. "The inspection report for March revealed a higher debt ratio for Hyundai Merchant Marine, and some financial institutions are considering recovering loans to Hyundai," an agency official said.

The creditors plan to restructure Hyundai's financial structure, and a likely candidate for the lead manager is Credit Suisse First Boston.

Though Hyundai posted a first quarter profit, increases in debt service burdens and big losses from the company's investment in the stocks of other Hyundai Group affiliates caused large estimated losses. Hyundai's 1 trillion won ($764 million) of debts will mature between September and the end of next year.
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