Seoul: Embattled shipping conglomerate C& Group received a boost today with a possible light at the end of dark debt tunnel it has been going through this year.
Shares in companies under the C& Group, including shipbuilder C&Heavy Industries, jumpED after local media reported that creditors of C&Heavy decided to start a creditor-led debt rescheduling programme. Online news outlet E-daily also said creditors of mid-sized builder C&Woobang Construction were expected to decide on its debt rescheduling this afternoon. Shares in C&Heavy jumped 14.65 percent to 900 won and C&Woobang climbed 13.92 percent to 450 won. Also, C& Group's shipping unit C&Merchant Marine Co Ltd surged by the intraday limit of 15 percent to 230 won.
In other Korean shipyard stock market news shares in shipbuilder Hanjin Heavy Industries rose 8.74 percent to 11,200 won after the Philippines' trade secretary said late on Tuesday that Hanjin Heavy was proceeding with its plan to build a $2 billion shipyard project in the southern Philippines. Hanjin Heavy has had a torrid time with its first Philippine yard in Subic Bay with numerous deaths. It had threatened to pull out its second venture on the island of Mindanao claiming corruption was miring the investment potential. [3/12/08]
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