Pan Ocean Files to Exit Rehabilitation

South Korean bulk shipping company Pan Ocean Co., Ltd. has filed an application for completion of its rehabilitation procedure to Seoul Central District Court.

The application comes on the back of the completion of the company’s restructuring process which saw repayment of the claims of creditors and other interested parties, along with the merger with Harim Group & JKL Consortium that was sealed on 12 February, 2015.

In this regard, the total purchase price of KRW 1,007,950,000,000 was paid to the company on 9 June 2015.

Pan Ocean said that on this day, the ratio of repayment of rehabilitation claims is 91.7%, adding that the remaining claims are expected to be paid without any hindrances.

“Considering the company’s assets, liabilities, management condition and etc, it is expected that there would be no difficulties of repayment to the creditors. And, the company is considered that it can be managed to be a healthy corporate in times to come, thus the completion of rehabilitation procedure has been filed based on the revised rehabilitation plan clause 15 ‘completion and discontinuation of rehabilitation procedure’,” Pan Ocean said.

Pan Ocean, formerly STX Pan Ocean, entered court receivership in June last year, for the second time in two decades, after its parent company STX Group failed to sell the unit due to an ongoing downturn in the industry.

However, based on the latest performance figures Pan Ocean seems to be on the right track of recovery due to a changeover to lower cost structure and implementation of rehabilitation plan.

As World Maritime News reported yesterday, Harim Group’s chairman Kim, Hong Kuk has taken the helm of Pan Ocean as he has been named the company’s Chief Executive Officer.

World Maritime News Staff

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