After long negotiations without reaching any agreement in relation of lowering charter rates between Hyundai Merchant Marine and the ship owners, the bankruptcy of the Korean carrier looks to be unavoidable.

Park Chan-ho, the Korea Development Bank spokesman, said that if the ship owners did not cut their fees, they were going to be left with no choice but to file for court receivership. Korean media reported last week that ship owners broke off the talks with HMM having reached no arrangement.

The talks took place but it wasn’t certain how many people took part in the talks. Unconfirmed rumors  stated five parties participated in the negotiations.