Seoul: It appears there is now no way back for cash strapped C&Heavy Industries, a medium sized Korean shipyard and important part of shipping conglomerate C&Group. The Mopko-based yard had all credit cancelled this week by the Korea Federation of Banks.
C&Heavy Industries filed for a workout program on December 3 having tried numerous other financial wriggles to get itself out of its debt burden. The stock listed yard focused predominantly on 81,000 dwt bulk carriers. With finance suddenly drained the yard failed in August with an effort to raise bonds. Now lenders have decided it is beyond help, while agreeing to restructure 14 other Korean entities. [21/01/09]
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