SEOUL, June 1 (Reuters) – A majority of Hyundai Merchant Marine Co Ltd (HMM) bondholders have accepted a debt-for-equity swap plan, South Korea’s second-largest shipper stated on Wednesday, paving the best way for restructuring of the closely indebted agency’s funds.

HMM, which had money owed about 5.2 trillion gained ($4.36 billion)at end-March, has about 804.3 billion gained in publicly traded bonds excellent, a spokesman stated.

The debt restructuring plan features a debt-for-equity swap for over 50 p.c of the relevant bonds, whereas the remaining quantity is to be payable in three-year installments, after a two-year grace interval.

Last week, HMM’s creditor banks agreed to a 680 billion gained debt-for-equity swap. ($1 = 1,192.1300 gained) (Reporting by Joyce Lee; Editing by Kenneth Maxwell)

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