Comment / Snapshot: Going through changes with Hyundai Merchant Marine

It almost passed unnoticed in our circles, but The Korea Development Bank has (quietly) doubled its stake in the country’s leading container line, Hyundai Merchant Marine (HMM).

That came after the bank had outlined plans to convert KRW300bn ($263.7m) of bonds into stocks, giving it a 24.99% stake in the shipping line, as previously reported by The Korea Times (scroll down to check the pre-conversion shareholder structure of HMM).

Confirming what previously emerged from the press reports, Alphaliner this week argued that what was essentially a bond-to-equity swap ...