The world’s largest shipbuilder is readying plans to mothball drydocks as its orderbook dwindles and restructuring beckons.
The unprecedented move comes as speculation mounts HHI will announce layoffs of as many as 4,000 workers very soon.
HHI has nine drydocks at its headquarters in Ulsan, another one in Gunsan, while subsidiary Hyundai Samho has three in Mopko and another subsidiary has four docks in Ulsan. The drydock in Gunsan is likely to be shuttered first. The Gunsan facility was opened six years ago as HHI expanded to handle a huge order backlog. The Gunsan orderbook is now just a few months away from being completed.
HHI will submit a voluntary restructuring plan, including job cuts and the sale of various assets, to its main creditor KEB Hana Bank as early as this week.