Hyundai Unit Swap Hits Snag
Creditors of Hyundai Engineering & Construction Co., led by the Korea Exchange Bank, failed Friday to draw financial institutions holding the builder's bonds with warrants closer to swapping the securities for equity."We explained the details of the swap plan to the bondholders and asked them to prepare a reply by tomorrow," the vice president of Korea Exchange Bank, Lee Youn-soo, said Friday. Mr. Lee said that he expected an agreement to be reached by Monday.
But the holders of the bonds are skeptical. "It is very difficult to commit to the proposal as it is," an official at one of the institutions said. "There are few protective measures for us in the plan."
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)