In a bid to improve its financial position, Hyundai Merchant Marine (HMM) has announced that it will be looking to secure self-rescue measures from its creditors, in collaboration with the Korea Development Bank, with final decisions for approval to be made by March 29, 2016, according to the Korea Herald.
It was previously reported by PTI that a merger between HMM and Hanjin Shipping could potentially be a good move for the carrier and help it to survive.
HMM has been struggling to secure its financial position for some time amid the recent slump in the global shipping industry.
To more effectively deal with its financial woes, HMM recently agreed to sell a 50% stake in its Pusan New Terminal in Busan New Port to terminal operator PSA International.
This followed news that HMM was also in talks to sell its dry bulk shipping business for around US$500 million to private equity firm Hahne & Company to resolve its liquidity issues.