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.

Curtains for C&Heavy

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]

Hide comments

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