Hanjin Heavy gets another $105m from creditors

Hanjin Heavy gets another $105m from creditors

Hanjin Heavy Industries is to receive a further KRW 120bn ($105m) cash injection from its creditors, led by Korea Development Bank (KDB), as part of the shipyard’s restructuring programme, reports say.

The South Korean yard “has had difficulty in making a turnaround due to lack of new orders and delayed sale of non-core assets,” a spokesman for KDB told the Yonhap news agency.

Its order backlog includes a few remaining containerships and drillships to be delivered by the end of 2017, so creditors will ask the yard to focus on building special-purpose ships such as patrol boats in the coming years, the spokesman told the newswire.

Creditors have already injected KRW 130bn ($114m) into the ailing shipyard since January. The yard posted a net loss of KRW 261bn ($228m) during its fiscal year 2015, down slightly from KRW 299bn ($261m) a year earlier.

 

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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