Seoul: ShinaSB, a well known chemical tanker builder in Korea, is set for a second round of auctioning following the failure by creditors to offload it last year.
Bidding for the mid-sized yard, formerly known as SLS Shipbuilding, will start at the end of this month.
The yard has yet to complete its debt workout, but taking into account its facilities and land, the sale, if it goes through, is expected to raise KRW200bn ($178m).
When it came up for auction last year ShinaSB did attract a number of bidders including from as far afield as Indonesia, but no one was willing to bid high enough to meet the creditors’ requirements.
ShinaSB’s main shareholder is the Korea Trade Insurance Corporation (K-Sure) who has 65.47% of the yard’s shares.