현대가 40년 품 떠나는 현대상선 ... 오늘 공식 분리
Korean shipping company Hyundai Merchant Marine is officially leaving the Hyundai empire today after 40 years of business.
It will be starting afresh as a sub unit of its main creditor, Korea Development Bank.
Park Jong-hong has more.
It was back in 1976 that the shipping company Hyundai Merchant Marine was launched by the late Hyundai founder and chairman, Chung Ju-yung.
Legend has it that Chung built the company from scratch by convincing foreign investors that he would build their ships.
The firm really took off when it merged with Shinhan Shipping, a company founded by the father of the current Hyundai Group Chairwoman, Hyun Jung-eun.
It once rose to be the world's eighth largest shipping line, but faltered during the global recession and crippling liquidity problems.
While it managed to avoid bankruptcy following painstaking corporate restructuring, its ownership has been handed over to the state-run Korea Development Bank.
"We decided this would be in the best interest of the company and all the shareholders, and would minimize losses."
Now being reborn as a subsidiary of Korea Development Bank, experts say the biggest challenge is restoring credibility and business capacity.
"I believe the company must be led by a competent and convincing CEO who can deliver on the interests of both KDB and Hyundai Merchant Marine."
Creditors plan to scour the world for a new CEO,... and have the new chief in place by early next month.
With the departure of Hyundai Merchant Marine, Hyundai Group -- once Korea's largest conglomerate -- has further retreated in the ranks.
It now has less than ten trillion won or roughly nine billion U.S. dollars in assets, meaning it no longer qualifies as one of the country's leading business groups.
Park Jong-hong, Arirang News.
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