Hyundai Merchant Marine announced Thursday that it signed an agreement with the creditor banks' council on implementing plans to normalize its management.

The financially troubled firm explained the agreement was reached in order to meet new goals, which comes after Hyundai met all the prerequisites set by its creditors to avoid court receivership. The conditions include debt and charter rate adjustments and its joining of the world's largest shipping alliance, 2M.

The shipping firm will now embark on a path toward normalizing management under joint oversight by creditors.

The implementation of the new agreement is valid through the end of June 2021 but the period can be reduced or extended as determined by the creditor banks' council.