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.