SEOUL, April 20 (Korea Bizwire) – A South Korean court on Friday placed a financially troubled midsize shipbuilder under its receivership, a spokesman said. Shin Sung-hoon, spokesman of the Changwon District Court, said Deloitte Anjin LLC, an auditing company, will carry out due diligence on Sungdong Shipbuilding & Marine Engineering Co. to determine the company’s value of liquidation and its going concern value. “We [...]
SEOUL, Oct. 14 (Korea Bizwire) – Part of cash-strapped Hanjin Shipping Co.’s assets went up for sale on Friday as the company is struggling to raise the cash needed to repay debts and unpaid bills, industry sources said. The country’s No. 1 shipper currently under receivership got a nod from a local court Thursday to [...]
SEOUL, Aug. 30 (Korea Bizwire) – Creditors of Hanjin Shipping Co. on Tuesday decided not to extend additional support to the cash-strapped shipper, creditor sources said, triggering speculation about its possible court receivership. A creditor-led restructuring scheme for the largest South Korean shipper is set to end Sept. 4, which means the Hanjin Group company [...]