Just one bidder comes in for SPP

Just one bidder comes in for SPP

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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