CHANGWON, May 11 (Korea Bizwire) — Two former heads of Daewoo Shipbuilding & Marine Engineering Co., a major South Korean shipbuilder, are subject to a travel ban over investigation into huge losses the company suffered, industry sources said Wednesday. Nam Sang-tae, who headed the company from 2006 to 2012 and Ko Jae-ho, who succeeded Nam [...]
SEOUL, May 9 (Korea Bizwire) – Debts owed by South Korea’s three major shipbuilders more than doubled over a period of five years ending in 2015 due to disadvantageous contract terms, according to their business reports Sunday. The combined borrowings by Hyundai Heavy Industries Co., Samsung Heavy Industries Co., and Daewoo Shipbuilding & Marine Engineering [...]
SEOUL, May 3 (Korea Bizwire) — Creditors of Samsung Heavy Industries Co. have called on the shipyard to map out a set of self-restructuring measures as the local shipbuilding segment is reeling from mounting losses and a protracted slump, industry sources said Tuesday. Last week, Hana Bank, the main creditor of Hyundai Heavy Industries Co., also [...]
SEOUL, May 2 (Korea Bizwire) — Loss-making South Korean shipyards, facing growing pressure from their creditors to cut costs amid an industrywide slump, are expected to ratchet up moves to cut their workforces and sell noncore assets, industry sources said Monday. Last month, the government picked five sectors to put under intensive restructuring as their [...]
SEOUL, Nov. 19 (Korea Bizwire) – South Korea’s top conglomerate Samsung Group has shed more than 5,000 jobs over the past year, data showed Thursday, reflecting its struggle to cut costs amid a prolonged economic slump. The key affiliates of South Korea’s iconic conglomerate saw their combined workforce reach 212,331 as of end-September, compared with [...]
SEOUL, Aug. 31 (Korea Bizwire) — Daewoo Shipbuilding & Marine Engineering, South Korea’s No. 2 shipbuilder, is pushing for a massive restructuring drive next month, including the sale of assets worth up to 400 billion won (US$339.1 million), as it struggles to recover from huge losses, industry sources said Monday. Assets likely to be sold [...]
SEOUL, Aug. 13 (Korea Bizwire) — South Korea’s top financial regulator will set up an entity that mainly deals with corporate restructuring later this year to put government-led workout programs in private hands, officials said Thursday. In a report submitted to the parliament, the Financial Services Commission (FSC) said it has inked a memorandum of [...]