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Samil PwC says HHI’s $3bn management improvement plan will work

Samil PwC says HHI’s $3bn management improvement plan will work
South Korea’s Hyundai Heavy Industries (HHI) has announced that Samil PwC has notified that its KRW3.5trn ($3bn) management improvement plan would allow the shipbuilder to make operating profits and secure liquidity.

Samil PwC, a local member of accounting firm PwC, shared its due diligence on HHI’s plan at the request of the shipbuilder’s main creditor banks inclduing the Export-Import Bank of Korea (Kexim) and KEB-Hana Bank.

Samil PwC believed that if the proposed management plan is executed accordingly, HHI would be able to make operating profits, secure enough liquidity and cut down considerable amount of debt each year until 2020.

An official from the Kexim was quoted by HHI as saying: “We see the due diligence result will help creditor banks of HHI to take a positive stance on refund guarantee issuance for new shipbuilding orders HHI expects to win down the road.”

Financially-troubled HHI announced in June this year its KRW3.5trn management improvement plan that involved selling its stakes in various subsidiaries, disposing of certain assets, reducing workforce and cutting salaries.