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
3181人
Source：Splash
Most ViewsHOT
- Scorpio Tankers lifts Dalian LR2 order to four ships
- Maran Dry returns to newbuilds with capesize order at Hengli
- Jinhui adds to ultramax orderbook with New Dayang brace
- Capital orders 11 VLCCs in China
- Dynacom steps up suezmax expansion with nine Hengli newbuilds
- Danaos steps into bulker newbuilds with newcastlemax order
- AET orders its first hybrid electric shuttle tanker
- Maersk confirms New Times deal for eight newbuilds
- MSC tops up Jinglu orderbook with eight more 11，500 teu ships
- GSX Energy firms up LNG bunker pair in China
