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 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, Mar. 8 (Korea Bizwire) — South Korea’s midsized shipbuilder Sungdong Shipbuilding and Marine Engineering Co. will file for a court receivership, Finance Minister Kim Dong-yeon said Thursday. Another troubled shipbuilder, STX Shipbuilding Co., will face intense restructuring efforts to overhaul its operations, Kim told a meeting of relevant ministers. The two shipbuilders have been [...]