Against the odds: Knight-Swift – deal-making fever doesn't subside
And pays nicely, too
Five years after saving South Korea’s HMM from the brink with a debt-for-equity swap, Korea Development Bank says it will unload its stake in Korea’s flagship liner operator.
KDB chairman Lee Dong-gull disclosed the planned sale at a press conference yesterday to mark the fourth anniversary of his inauguration.
In 2016, HMM was facing bankruptcy after years of losses and, as part of its self-rescue plan, the carrier renegotiated its long-term vessel charter contracts, reducing charter rates by as much as 21%.