Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Creditors end debt workout for C&Heavy

Creditors end debt workout for C&Heavy

Seoul: Creditors of C&Heavy Industries Co announced yesterday that they have terminated the troubled shipbuilder's debt workout program.??The move came after a Malaysian fund that showed interest in taking over C&Heavy failed to put down a 10 billion won ($6.98 million) deposit before yesterday's deadline, said a spokesman at Woori Bank, a major creditor of the firm. The Mokpo, South Jeolla-based shipbuilder will likely apply for court receivership.??Creditors first tried to remove C&Heavy from debt workout in January. But Meritz Fire and Marine Insurance Co, the largest creditor, pushed for the sale of the shipbuilder instead. [17/03/09]

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish

SMN_Podcast_Leaderboard.jpg