Harim signed MOU for PAN OCEAN

Harim has moved a step closer to a takeover of Pan Ocean following the signing of a preliminary deal (MOU).
Harim was the preferred bidder in the race for Pan Ocean and has now secured an MOU. Harim would conduct inspections over a 15 day period from 5 January. Harim is teaming up with Korean private equity group JKL Partners for the takeover, which is being overseen by the Bankruptcy Division of the Seoul Central District Court. Pan Ocean filed for court receivership in June 2013 and carried out a $1.17bn debt-for-equity swap that saw lenders take over the company.
Ex STX Pan Ocean, now Pan Ocean fleet consists of around 90 vessels, of which more than 70% are bulkers.Harim was one of five bidders in the running for control of Pan Ocean.
Domestic shipowner Korea Line Corp (KLC), which has itself restructured, US private-equity fund KKR, Deutsche Bank and Korea Investment Partners were the others.