SEOUL, Jun. 14 (Korea Bizwire) — Sungdong Shipbuilding & Marine Engineering Co., a midsized local shipbuilder currently under court receivership, is on the verge of declaring bankruptcy, industry insiders said Friday, after it failed to find eligible buyers ahead of a deadline for its sale. The Changwon District Court, which manages Sungdong’s rehabilitation process, rejected [...]
SEOUL, April 23 (Korea Bizwire) – Union workers at GM Korea Co. on Monday accepted tough restructuring measures that will allow the company to stay clear of court receivership, although many hurdles still remain on the carmaker’s path toward a turnaround. After nearly three months of negotiations, the South Korean unit of General Motors Co. [...]
SOUTHFIELD, Mich., Oct. 3 (Korea Bizwire) — GST AutoLeather, Inc. (“GST” or the “Company”) announced today that it has filed a voluntary petition for relief under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Company has obtained a commitment from its senior secured [...]
SEOUL, May 26 (Korea Bizwire) – Amid the ongoing restructuring of the Korean shipbuilding industry, stories of insolvent global enterprises that have managed to resuscitate themselves have attracted attention. Quick decision-making and bold government support are believed to be the key factors for their revival. GM is one of the companies that succeeded in resuscitating itself, [...]
SEOUL, March 28 (Korea Bizwire) – Data shows that one out of four people who filed for bankruptcy is over the age of 60, a stark indicator of the increasing worries over an ageing society and widespread poverty among seniors. Koreans in their 50s usually have financial difficulties that result from being economically active, such as [...]
SEOUL, Jul. 20 (Korea Bizwire) — South Korea’s major banks reduced loans to large companies over the past year as they became more reluctant to lend to them amid a series of massive bankruptcies, industry data showed Sunday. Six lenders, including industry leaders Kookmin Bank and Shinhan Bank, extended a combined 95.7 trillion won (US$83.5 [...]