Shipping company Hyundai Merchant Marine and its creditors have failed to reach an agreement with owners of chartered ships on lowering lease rates.
 
The financially struggling firm held marathon negotiations for four hours starting at 2 p.m. Wednesday with ship owners at its headquarters in Seoul.
 
In return for an average of a 28-point-four percent cut in charter fees, Hyundai Merchant Marine proposed to swap about half of the discount into its stocks and allot due profit after its management is normalized.
 
But foreign ship owners are reluctant to accept the proposal on concerns that other shipping companies could make similar demands, and their investors and shareholders could oppose it.
 
Creditors maintain the stance that Hyundai Merchant Marine will inevitably have to go into court receivership if ship owners reject the proposed discount.