Pan Ocean Exits Rehabilitation

Seoul Central District Court has approved the completion of rehabilitation procedure of South Korean bulk shipping company Pan Ocean Co., Ltd.

“Considering the company’s assets, liabilities, management condition and etc, it is expected that there would be no difficulties of repayment to the creditors, the court decided to discontinue the rehabilitation procedures upon receiving an application filed by the custodian of the company pursuant to Debtor Rehabilitation and Bankruptcy Act Article 284 (1),” Pan Ocean said today in a stock exchange filing.

The bulker owner and operator said yesterday that its Standing Auditor has resigned before the expiration of his term of office to meet the necessary conditions for the completion of the rehabilitation procedure.

South Korean bulk shipping company filed the application for completion of its rehabilitation procedure to Seoul Central District Court a week ago.

The application came 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 the ratio of repayment of rehabilitation claims was 91.7%, adding that the remaining claims were expected to be paid without any hindrances.