South Korea's largest two shipyards – Hyundai Heavy Industries (HHI) and Samsung Heavy Industries (SHI) – have had their restructuring plans approved by creditors.
HHI's KRW3.5trn (US$2.9bn) plans include selling stocks and non-core assets and cutting its workforce, which will reduce its debt-to-equity ratio to below 100% by 2018.
SHI's US$1.2bn plans are similar albeit on a smaller scale.
Daewoo Shipbuilding & Marine Engineering (DSME), South Korea's third largest yard, is also going through a painful restructuring.
Earlier this week, it emerged that the combined debts of the nation's nine largest yards had soared above KRW100trn.
Creditors Approve Restructuring Plans of South Korea's Largest Yards
2016-06-03
3251人
Source：Splash
Most ViewsHOT
- CMT returns to Qingdao Beihai for newcastlemax brace
- Fujian Highton ramps up MPP push with fresh newbuilds
- COSCO-linked Shanghai Time orders trio of bulkers at Nantong Xiangyu
- Enesel pivots back to bulk with capesize newbuilds in China
- China Merchants Energy keeps ordering spree rolling with fresh boxship series
- Bourbon adds 13 vessels in $180m fleet push
- JP Morgan tipped for $500m VLCC move at DSIC
- Transpetro orders LPG trio in China
- Shishi Dingsheng steps into LR2 tanker segment with newbuild order
- Seaspan breaks into MPP segment with four newbuilds
