March 08, 2018 09:08
Two Korean shipbuilders are struggling to stay afloat amid a global slump.
According to a government official on Wednesday, mid-sized Sungdong Shipbuilding is expected to go into court receivership soon. Once it files, the court will decide whether to liquidate it or search for a new buyer.
STX, which is also facing serious financial woes, will reportedly push ahead with more intense self-reliance measures in a bid to turn its fortunes around.
Both shipbuilders have been struggling for years despite government efforts to revitalize their business.
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