Korea's Heung-A Shipping plans debt restructuring

South Korea’s Heung-A Shipping is expected to roll out a corporate workout programme amid its tanking maritime cargo operations and growing piles of debt, a regulatory filing has revealed.

The company’s board has approved a debt restructuring scheme by Korea Developemnt Bank, one of its creditors, to “improve its finances and normalise business operations.” Under the KDB-led financial rescue, creditors will take control of the troubled company with measures to help it avoid bankruptcy.