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
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Source：Splash
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