Major South Korean shipyards push on with rescue plans

Two of South Korea's three largest shipyards received a 'yes' last week from creditors to push on with their restructuring, while Daewoo is still awaiting approval. A further drop on orders this year has renewed pressure on the yard, reports South Korean media.

Photo: Thorbjørn Hansen

While Hyundai Heavy Industries and Samsung Heavy Industries got the green light from their respective creditors last week to move on with their comprehensive restructuring plans, the outlook is bleaker for South Korean's third shipbuilding giant, Daewoo Shipbuilding & Marine Engineering (DSME).

It was expected that Daewoo, much like its two fellow yards, would have its restructuring plan approved at the end of May, but a further decline in orders in the first months of the year has put further pressure on the shipyard's balance, writes Korea Herald.

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