SEOUL Dec 12 Restructuring South Korean shipper
Hyundai Merchant Marine Co Ltd (HMM) said on Monday
creditors had agreed to provide fresh funds of about 300 billion
won ($255 million) in December for its asset acquisition plans.
The statement comes one day after HMM agreed with the 2M
shipping alliance to form a cooperative relationship that falls
short of full-fledged membership but which it said met a key
criteria for a debt restructuring deal.
HMM is the preferred bidder to buy a port terminal in
Algeciras, Spain, partly owned by Hanjin Shipping Co Ltd
and is in a consortium with Mediterranean Shipping
Co (to acquire Hanjin's Long Beach Terminal in the U.S.
HMM also said that it is targeting an operating margin of 5
percent and a 5 percent share of the global shipping market by
($1 = 1,173.6000 won)
(Reporting by Joyce Lee; Editing by Edwina Gibbs)