Pan Ocean has taken a further step toward improving its finances with the allocation of new shares to some of its creditors.
The South Korean owner has issued around 2 million shares at a price of KRW 12,500 ($10.7) each as part of its ongoing restructuring scheme.
New Herald, Ocean Master and New Joy Leasing are the three creditors of unsecured claims that will share the new stock.
Pan Ocean explained the purpose of this move is to achieve “financial structure improvement”.
Following the lifting of the trading halt earlier this morning, shares in Pan Ocean were gaining 3.35% and were changing hands at KRW 4,005 each.
The bulker and tanker owner was taken over by animal-feed company Harim Group in May 2015 for KRW 1 trillion.
