Sungdong Shipbuilding & Marine Corp, a Korean shipbuilder that was once among the 10 largest in the world, finally has found a buyer and will return to its roots.
Having sought bankruptcy protection nearly two years ago, creditors at the fourth time of asking have given the go ahead for a local consortium comprising HSG Heavy Industries and private equity concern, Curious Partners Investment, to take over the facility located in Tongyeoung, a city decimated by the fall in shipbuilding orders this decade.
As part of the agreement, Sungdong will no longer build ships, but will focus on hull block assembly. The yard started out as an equipment manufacturer before becoming a block builder and then entered shipbuilding 15 years ago.