Heung-A Shipping undergoes KDB-led debt overhaul
Under the financial rescue package led by key creditor Korea Development Bank, creditors will take control of the product tanker operator to help it avoid bankruptcy. The package seeks to improve Heung-A’s finances and normalise business operations
The South Korean shipping company has reported losses since 2016 and saw its debt-to-equity ratio spike fivefold over the past three quarters
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