HEC agrees on debt-for-equity swap

Hyundai Engineering and Construction (HEC) said Monday that it would submit its written consent to creditors for a debt-for-equity swap.

The action came after creditors pressed HEC to agree to the plan, based on overseas debt-payment guarantees worth $400 million. ``We will present the written agreement as soon as we obtain the approval of large shareholders,`` said an HEC official.

Hyundai Group founder Chung Ju-Yung currently owns a 15.63-percent stake in the firm, with Chung Mong-hun, chairman of Hyundai Asan Corp., holding a 6.32-percent stake and Hyundai Corp. owning 2.35-percent of the company.