Hyundai units in liquidity crunch

Hyundai Engineering and Construction (HEC) and Hyundai Merchant Marine (HMM) have had to secure additional short-term overdraft facilities from creditor banks in order to see off the threat of default on maturing bonds. The state-owned Korea Exchange Bank and other banks have agreed to lend an extra W350 billion ($307 million) to the two companies, which have been unable to roll over their bonds as investment trust corporations (ITCs), the biggest buyers of corporate paper in South Ko…