Korean Shipbuilders Face Bankruptcy

Thursday, November 20, 2008

According to a report from The Korea Times, following troubled construction firms and savings banks, the Korean government and creditor banks are now moving to put small-and medium-sized shipbuilders under the microscope for drastic restructuring.

The preemptive restructuring is to minimize chain reaction bankruptcies of once-booming small-and medium-sized shipbuilders, suffering from cash flow problems in the wake of the global financial market turmoil.

Analysts say that large shipbuilding firms will ride out the current difficulties, as they have ample cash holdings and enough orders for the next several years.

About half of some 300 small shipbuilders here are expected to go belly up through the first half of next year, unless bailout steps are taken

(Source: The Korea Times)

9. Taiwan to Privatize China Shipbuilding Corp
According to a Nov. 18 report from the Taiwan Economic News, The Ministry of Economic Affairs (MOEA) in Taiwan will release 51% stake in the state-run CSBC Corporation (China Shipbuilding) by the end of this year, marking it the largest initial public offering for 2008 so far. Fubon Securities Co. will handle the issuance of 33%, or approximately NT$3 billion (US$90.9 million at US$1:NT$33), of the CSBC shares.

(Source: Taiwan Economic News)

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