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.
[mappress]
Source: mykomec, July 21, 2011; Image: Sungdong