Finance
Phase two restructuring to target 98 companies
The number to be selected for debt workout or instant removal is expected to be bigger this time. Korea’s financial authorities are expected to pick which construction firms and shipbuilders will be inspected during the second phase of corporate...
2009-01-28 07:53:45
Davie Yards' restructuring plan in jeopardy
Canada’s largest shipbuilder Davie Yards recently announced that it has been advised by its largest client, Cecon ASA, that it has received a notice of cancellation of its $200 million senior secured credit facility from the participating lenders a...
2009-01-23 07:23:52
Vinashin 2008 pretax profit up 19%
State-run Vietnam Shipbuilding Industry Group, or Vinashin, had a pretax profit of VND860 billion ($50.6 million) last year, up 19% from the previous year, state media said Thursday. Vinashin's revenue rose 48% to VND32.54 trillion last year, said on...
2009-01-23 07:17:08
KDB formally ends Daewoo sale negotiation
Korea Development Bank on January 22th officially announced that it ended talks to sell Daewoo Shipbuilding & Marine Engineering’s major stake to Hanwha consortium and it will confiscate the deposit money of some KRW300bn (USD217.9m). Jung In-se...
2009-01-22 16:26:28
Majors would make a soft landing
South Korean major shipbuilders’ Q4 2008 business results would make a soft landing, according to a forecast. Kyobo Securities estimated that shipbuilding firms’ profits in the fourth quarter of 2008 would decrease 2% on the average. It said t...
2009-01-22 15:24:28
Failed Daewoo deal has high cost
Following the rupture of a deal to sell a major stake in Daewoo Shipbuilding and Marine Engineering, both would-be buyer Hanwha Group and Daewoo creditor Korea Development Bank are faced with sizable losses and uncertainty. In addition to the 300 bil...
2009-01-22 08:03:24
Hyundai Q4 figures well beyond consensus
Hyundai Heavy Industries (HHI)’ Q4 business results are expected to be much better than market expectations. Jo Yong-june, a research analyst at Shinyoung Securities, said, “HHI’s sales in the fourth quarter 2008 are forecast to surpass KRW5...
2009-01-22 06:50:56
KDB scraps DSME sale: Official announcement set on 22th
The sale of the controlling stake in Daewoo Shipbuilding & Marine Engineering (DSME) to Hanwha Group in effect collapsed. Korea Development Bank (KDB), the largest shareholder of DSME, on January 19th decided not to proceed with the sale any more ...
2009-01-21 11:44:27
1 Out & 3 Work-Out
In South Korea, creditor banks have finished evaluating the credit risk of 19 small- and medium-sized shipbuilders in the first round of restructuring and it has been finally decided that C& Heavy Industries will be liquidated and three other small s...
2009-01-21 06:24:14
CSIC revenue grew 26% to reach $15bn
China Shipbuilding Industry Corporation (CSIC), one of the country's largest shipbuilding groups, recorded 103.2 billion yuan ($15.09 billion) in revenue in 2008, up 26 percent from a year earlier, despite the global economic downturn, the company sa...
2009-01-20 15:52:16
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