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Biz News Korea(Eng)
Hyundai Heavy gets creditors’ approval on 3.5 trillion won self-rescue measures
- Collected
- 2016.06.02
- Distributed
- 2016.06.03
- Source
- Go Direct
It was first among the three major shipyards to get its restructuring plan approved in return for debt relief. The other two Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. have also handed contingency plans for bailout.
According to sources on June 1, Hyundai Heavy’s plan was temporarily approved by its creditors led by KEB-Hana Bank. An official at KEB-Hana Bank said that creditors believe the shipbuilder submitted meaningful self-rescue measures and gave a conditional okay. Further actions may be demanded after fresh due diligence finding by Samil PricewaterhouseCoopers.
Under the self-rescue measures, the shipbuilder will sell stocks that it invested in and non-core assets such properties auxiliary to its Ulsan shipyard, and spin off forklift, solar power and robot businesses. It also mapped out a workforce adjustment plan that includes wage cuts and removal of overtime work and outsourcing for non-core corporate functions.
With the plan, Hyundai Heavy aims to lower its debt by some 2 trillion won to below 7 trillion won and will reduce its debt-to-capital ratio to below 100 percent from 134 percent by 2018.
Since September 2014, the shipbuilder has implemented self-rescue measures worth 3.9 trillion won, leading to a turnaround at the end of March with an operating profit of 325.2 billion won for the first time in 10 quarters.
By Park Yong-bum
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]