Korea's medium-sized ShinaSB Shipyard has come to extend Work Out program and be supported KRW 15bn ($13.8m) of funding.
Sources said that its creditor group has come to agreement that Work Out program on ShinaSB will be extended for another year by December 31, 2013.
Korea Trade Insurance Corporation (K-sure), the main creditor of the Tongyoung-based shipyard, has recently decided to lengthen Work Out by another year and approved new funding of KRW 15bn.
With strong support, ShinaSB will work hard to normalize management and resume new order contracting.
Meanwhile, unlike ShinaSB, the other medium-sized shipyards based in Tongyoung have been unfortunate - Samho Shipbuilding filed for bankruptcy in February and 21st Century Shipbuilding has obviously gone out of business.
Published : November 27, 2012
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