Samla Midas Group (SM Group), the parent of Korea Line Corp, has emerged as the sole bidder for financially struggling SPP Shipbuilding.
Yesterday marked the final day for bids for SPP, a product tanker specialist with three yards around South Korea. SPP’s creditors will now spend the next five days mulling whether or not to accept the offer, after which there will be a two-month due diligence period.
SM Group took over Korea Line Corp in 2013. Its other subsidiaries are focused on construction.