HMM May Hire Foreign CEO for Revival
Hyundai Merchant Marine (HMM) will start the process to appoint a new chief executive officer (CEO) when Hyundai Group loses control on Aug. 5, reports Korea Times quoting un-named industry sources. The challenged shipper will begin a new chapter in its 40-year history, breaking free from Hyundai Group and becoming a subsidiary of Korea Development Bank (KDB). KDB is bent on installing a new leadership at the shipping line and is open to hiring a foreign chief executive. To make a pool of candidates, the creditor reportedly appointed a number of executive search firms.
Hyundai Merchant Heading for Bankruptcy ?
A bankruptcy of Hyundai Merchant Marine (HMM) would become the biggest ever in the shipping sector, and the creditors seem on the way to taking over control with the shipping group. Without further government support, bankruptcy is growing closer for Hyundai Merchant Marine (HMM) after the company's bondholders rejected the company's proposed debt rescheduling plan, says Alphaliner. "The potential bankruptcy of the financially troubled South Korean carrier would be the largest-ever in container shipping.