South Korean shipbuilder Samsung Heavy Industries (SHI) could see its self-rescue plan finalized as the company's creditor state-run Korea Development Bank (KDB) is set to wrap up SHI's plan during the week, Yonhap News Agency cited industry sources.
Under the KRW1.5tn (US$1.3bn) plan, submitted in May 2016, the financially troubled shipbuilder will make workforce cuts through an early retirement scheme and ask its executives to return part of their salaries.
The plan includes up to 1,500 early retirements by the end of the year, selling of KRW200bn worth of real estate assets and disposing of stakes in Doosan Engine.
SHI is one of the country's Big Three shipbuilders who have been hit by an ordering slowdown prompted by shipping and offshore industry woes.
The company's compatriot shipbuilder Daewoo Shipbuilding & Marine (DSME) was required to submit layoffs and cost savings, while Hyundai Heavy Industries (HHI) was required to pursue self-rescue plans with creditor banks.
Both DSME and HHI earlier received approval from their creditors to carry out their submitted plans.
Report: KDB to Finalize SHI's Self-Rescue Plan This Week
2016-07-14
3219人
Source:World Maritime News
Most ViewsHOT
- Fujian Highton readies $65m for bulker fleet expansion
- Jinhui agrees third supramax sale
- TS Lines locks in up to 10 newbuilds at Huangpu Wenchong
- BHP signs charters with COSCO for ammonia-powered newcastlemax newbuilds
- Jinhui frees up capital with double leaseback deal
- MSC ramps up megamax expansion with $1.2bn shipbuilding deal in China
- Winning Shipping acquires a newcastlemax
- Caravel Group sheds Kamsarmax fleet
- Latsco in for Huangpu Wenchong boxship brace
- Formosa Plastics contracts product tanker newbuilds in China