Pan Ocean Issues More Shares

South Korean-based shipowner Pan Ocean has issued another batch of shares within its restructuring scheme worth USD 123 million.

The total shares for this debt-to-equity amount to 13.2 million, in addition to the 214.5 million already in circulation.

Issuing shares for the confirmed claim amount on the rehabilitation plan are 165,926 through 2nd share consolidation and the effective date is 27 December 2013 according to the rehabilitation plan, Pan Ocean said.

The price of shares has been set at  KRW 10,000 according to the 2nd share consolidation on the rehabilitation plan.

Issuing shares are USD 13 million and the effective date is January 1st, 2015.

Harim Group & JKL Consortium has been selected as the preferred bidder for Pan Ocean’s fleet.

The consortium, made up by poultry processor Harim and Korean private equity group JKL Partners, is expected to pay up to USD 968 million for the acquisition.

The company filed for court receivership back in June 2013, and performed a USD 1.7 billion debt-for-equity exchange leading to lenders taking over the company.

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