Korean yard ShinaSB, long on life support, has finally filed for bankruptcy. The shipbuilder has been under court receivership since April 2014. It has since tried to seek buyers, failing on three separate occasions.
A local court will now select a bankruptcy trustee and then proceed to liquidation proceedings for the company. The bankruptcy trustee will then distribute assets of ShinaSB to creditors.
ShinaSB has changed names many times since it was founded 69 years ago. It has since been known as Shina Shipbuilding, Shina and SLS Shipbuilding. It built up a niche in product and chemical tankers before the global financial crisis struck.
