The main creditor of South Korea’s SPP Shipbuilding will look to offload the yard next month. Woori Bank will send out a request for proposals in Ocotber to select an underwriter for the sale.
SPP, which has been in debt workout for the past five years, managed to swing into the black in the first half of this year, notching up a KRW15.8bn net profit. SPP is one of the world’s leading product tanker builders. Its three yards are estimated to be worth KRW500bn.
Earlier this year, Woori was linked with selling SPP to overseas interests.