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전체검색영역
S. Korean finance minister hints of gov`t interference to speed up corporate restructuring
Collected
2016.04.18
Distributed
2016.04.19
Source
Go Direct
South Korean deputy prime minister for economy Yoo Il-ho reiterated commitment to expedite restructuring in overcapacity industrial sectors and ailing business fields, specifically naming Hyundai Merchant Marine Co. and the shipping industry.

“We announced restructuring plan late last year, and time has come to check how much progress had been made on the front,” Yoo told reporters during his visit to Washington, D.C. on Friday (local time) for the Group of 20 finance ministers’ meeting.

“If the restructuring in the shipping sector is not going as planned, the government inevitably would have to take action,” he said. He named Hyundai Merchant Marine as the company of greatest concern. He, however, indicated restructuring in the shipbuilding industry may not be easy as it could involve massive layoffs.

Another senior government official denied the government would get involved beyond creditors’ engagement. He explained that the deputy prime minister simply meant that the workout and rescue procedures for 229 troubled companies would be finalized as soon as possible.

By Lee Jin-myung

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