June 17 - South Korean poultry processor Harim Corp is set to complete its purchase of Pan Ocean after creditors and shareholders approved a rescue plan for the country's biggest bulk carrier.

Harim had been selected as the preferred bidder having submitted KRW1.08 trillion won (USD970 million) for the acquisition last week.

Pan Ocean, formerly known as STX Pan Ocean, has been under court receivership since June 2013 and was put up for sale in March last year. It was split from STX Group as the parent company suffered a severe credit crunch.

In a vote held at a Seoul court last week, 87 percent of the creditors and 61.6 percent of the shareholders approved Pan Ocean's rescue plan on the condition that Harim takes over the company.

Harim is expected to complete the acquisition next month, pending court approval.

In May, Pan Ocean posted a Q1 2015 net profit of USD105.98 million - up by 208.5 percent over the same period of 2014.  The line recorded revenues of USD352.74 million - up by 8 percent year-on-year.


www.panocean.com

Topics