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Korean yard reborn

Korean yard reborn

Seoul: South Korea's YS Heavy Industries is being reborn as 'Yeosu Offshore'., according to shipbuilding newswire, Asiasis. ?The Yeosu-based shipbuilding and shiprepair company was deemed non-viable by the country's Financial Supervisory Service in the credit-risk review of shipyards early last year. ?YS Heavy failed to make it into the creditors-led restructuring program as it applied for court receivership and 'Selling Off' or 'Liquidation' were the last options for the company. ?A local consortium has confirmed that it is acquiring YS Heavy for KRW 18.5bn ($16.57m). ?YS Heavy is equipped with two slipways and can build vessels of up to 35,000 dwt. London broker Clarkson lists it as having an order backlog of 10 multipurpose (MPP) newbuildings, four of 10,000 dwt for domestic owner TPC Korea and six of 11,200 dwt for Normed International of the Netherlands. [12/10/10]

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