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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]

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