Bulleteen Board
   Title : Heung-A seeks to exit receivership
 Name : g.y.lee       
 Date : 2004/10/08 오전 8:50:54 IP:222.97.128.182  

KOREAN container and chemical carrier Heung-A has applied to be released from its long-term court receivership.
The application has been made at a Busan court, the company announced today.
Heung-A had come under court receivership in 1985 because of mounting losses, but in its application it states that it has been continuously repaying debts and achieving profits since 1987.
For the first half of 2004, the company, which owns 28 ships, made a net profit of W8.5Bn ($7.3M).
A successful share issue in March this year has been cited as evidence of financial credibility; 1.53M shares were issued for a total price of W1.2Bn.
Debts of Heung-A were W113Bn at the end of June this year.

  

 


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