Скачать или смотреть Corporate restructuring picks up pace: Hanjin Shipping unlikely to receive any fresh financing...

조선 빅3 설비,인력 2018년까지 축소키로: 기획재정부
Corporate restructring in Korea's troubled shipping and shipbuilding industries is picking up steam.
This comes while the once mighty Hanjin Shipping appears unlikely to receive financing from its creditors.
Shin Se-min sheds light on the unwelcome wind of change blowing in these sectors.
Korea's finance minister Yoo Il-ho said the government has to stick to principle when dealing with companies in Hanjin's situation and go ahead with it's corporate restructuring drive.
In parliament Thursday, the finance minister added that government can even let such companies go into court receivership because the government can't keep throwing tax payers money to help normalize their businesses.
And more bad news for Hanjin Shipping -- industry sources say its main creditor, the state-run Korea Development Bank is unlikely to extend more credit to the shipper without collateral from its parent group.

A local court had asked for the creditors to lend money for Hanjin's outstanding bills, which are holding up cargo shipments worldwide. But even a 90-million U.S. dollar pledge from the Hanjin Group chairman himself wasn't enough to convince lenders to open their wallets -- in fact they said that's far shy of what Hanjin needs to operate normally.

Alongside the government's corporate restructuring drive, the Finance Ministry has laid out plans to downsize the shipbuilding industry.
By 2018, the government will push to cut facilities by 20 percent and manpower by 30 percent... at Hyundai Heavy Industries, Samsung Heavy Industries... and Daewoo Shipbuilding and Marine Engineering.
This will trim oversupply and leave the overall size of industry at the level of two major firms based on current capacity.
Finance Minister Yoo Il-ho said that it will consistently push through the industry overhaul,... adding that the next two years will be vital in breathing new life into the economy.

Shin Se-min, Arirang News.


Visit ‘Arirang News’ Official Pages
Facebook(NEWS):   / newsarirang  

Homepage: http://www.arirang.com
Facebook:   / arirangtv  
Twitter:   / arirangworld  
Instagram:   / arirangworld