World's top three shipyards to raise 8.4t won in revamp

Singapore

THE world's three biggest shipyards plan to raise a combined 8.41 trillion won (S$9.8 billion) selling assets as part of a restructuring following losses last year.

South Korea's government said in a statement on Wednesday that Hyundai Heavy Industries Co, Daewoo Shipbuilding & Marine Engineering Co and Samsung Heavy Industries Co have submitted their fundraising plans to their creditors, including state-run Korea Development Bank and KEB Hana Bank. The banks and regulators will meet twice a month to review the progress of the plans, according to the statement.