Sungdong Shipbuilding heading toward court receivership, STX to push for self-reliance
- 6 years ago
Two Korean shipbuilders are struggling to stay afloat amid the tough conditions in the global industry.
According to a government official on Wednesday,... Sungdong Shipbuilding, a mid-sized local shipbuilder is expected to soon go into court receivership.
Once the company applies for receivership, the court will decide whether to liquidate it or search for a new buyer.
STX, which is also facing serious financial woes, will reportedly push ahead with more intense self-reliance measures in a bid to turn its fortunes around.
Both shipbuilders have been struggling despite government help over the years.
According to a government official on Wednesday,... Sungdong Shipbuilding, a mid-sized local shipbuilder is expected to soon go into court receivership.
Once the company applies for receivership, the court will decide whether to liquidate it or search for a new buyer.
STX, which is also facing serious financial woes, will reportedly push ahead with more intense self-reliance measures in a bid to turn its fortunes around.
Both shipbuilders have been struggling despite government help over the years.