Hyundai Marine Denies Report
Hyundai Merchant Marine is rebutting reports by its creditors and the government that it has debilitating financial problems."The recent rise in the debt ratio did cause worries," a Hyundai official said, "and the company appointed Credit Suisse First Boston as lead financial manager to sweep them away." Hiring Credit Suisse was a voluntary move to straighten out management and was not led by the creditors, he said.
The government and creditors have never directly questioned Hyundai's financial structure, the official said. "It is not true that creditors are taking initiatives to rework Hyundai's finances," he said. "And it's not true that the Financial Supervisory Service installed a team that will take exclusive charge of Hyundai."
with the Korea JoongAng Daily
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