Shares of Hanjin Heavy Industries resume tradingHanjin Heavy Industries & Construction resumed trading Tuesday after it was suspended in February due to capital erosion.
The Korea Exchange, operator of the country’s stock markets, decided not to continue the suspension as the shipbuilder has improved its financial position.
Hanjin’s creditors, including banks from the Philippines, accepted a debt-equity swap in March.
KDB, main bank to the construction and shipbuilding company, said creditors have agreed to the increase of the company’s paid-in capital. It added they have agreed to participate in the debt-equity swap.
The Subic shipyard is considered a major contributing factor in the Korean shipbuilder’s insolvency after the unit filed for rehabilitation in January.
By Park Eun-jee