Thursday, July 21, 2011

Sungdong wins new cash


South Korean shipbuilder Sungdong Shipbuilding & Marine Engineering is to get new cash from its creditors.

Korea Eximbank-led creditors group is reportedly lining up an additional cash injection of around hundreds of billion won (hundreds of million dollar) for the shipbuilder, which is fast recovering with a bulk of new orders this year.

As early as next month the injection would be exercised, sources say.

But the creditors are requesting for a strong revival plan such as capital decrease and appointing new CEO.

Sungdong won new orders for 33 ships worth $2bn in the first half, the highest ever order intake with its orderbook now standing at 88 ships worth $5.1bn.

Notably, it succeeded in winning first-ever order for offshore plants like Floating Storage & Offloading Unit and Shuttle Tankers.

Published : July 21, 2011

source: Asiasis


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