KDB, Supports KRW 200 Billion to Hyundai Merchant Marine

Korea Development Bank (KDB) announced that it decided to support KRW 200 billion to Hyundai Merchant Marine suffered from a lack of short-term funds, on May 12, 2002. The bank not only lent an emergency working funds of KRW 100 billion on individual guarantee of Mongheon Jeong, a chairman of a board of directors of Hyundai Asan, but also decided to extend a maturity on debentures of KRW 100 billion which are due on the 14th of this month, for 1 year through conversion issue.

One of KDB staff concerned said “We lent moneys to Hyundai Merchant Marine because the company are suffering from temporary lack of mobility during a sale of motorcar freighter. When the company completes the sale of motorcar freighter, it will repay the credit loan amounts in the first place”.

Do-Young Kim nirvana1@donga.com