Home Sector Shipyards Sungdong Shipbuilding officially placed under court receivership April 23rd, 2018 Jason Jiang Asia, Shipyards

South Korea’s Changwon District Court has officially put financially trouble shipyard Sungdong Shipbuilding under receivership on Friday.

According to the court, auditor Deloitte Anjin will carry out due diligence on to determine the company’s value of liquidation and its going concern value.

The court decision follows Seoul ruling in March that Sungdong Shipbuilding will file for court receivership and chang its business to focus on ship repair and possibly block building.

Sungdong, which was founded in 2003 and had grown to be a reputable mid-sized shipyard in South Korea, started having financial difficulties in 2010 after the global financial crisis. After surviving on government subsidies for 8 years, the government finally decided to have the bankruptcy court take over the shipyard.

Another major South Korean shipbuilding STX got its self-rescue plan accepted by creditors, which withdrew a plan to place the shipyard under court receivership.</s>BEIJING, Apr 20 (APP):Chairman, China Shipbuilding Industry Corporation, Hu Wenming has met with visiting Chief of Naval Staff (CNS) Admiral Zafar Mahmood Abbasi and vowed to continue to expand cooperation with Pakistan navy at multiple levels and open a new chapter of cooperation for mutual benefit and development between two sides.

 During the meeting held in a cordial and friendly atmosphere, the two sides discussed the course and achievements of the cooperation over the years and regarding the future.

 They also discussed to further intensify cooperation and deepen mutually beneficial cooperation and conducted in-depth exchanges.

 Deputy General Manager of China Shipbuilding Industry Corporation, Yang Jincheng also attended the meeting.

 Hu Wenming welcomed the distinguished guest and his delegation and expressed his gratitude to the Pakistani navy for its long-term trust and support for the China Shipbuilding Industry Corporation.

 He said that China Shipbuilding was an overall research, development and design unit of China’s navy main battle equipment, and was the backbone of assembly, construction, and system integration.

 It has complete naval equipment research and development, equipment support, and after-sales support capabilities.

 The chairman informed that currently, it was actively serving the construction of the “Belt and Road Initiative” and vigorously practices the “going out” strategy.

 The products had been exported to 14 countries in Asia, Africa and Latin America and had established business contacts with more than 30 countries, he added.

 Hu Wenming stated that Sino-Pakistani friendship had a long history, adding Sino- Pakistan Heavy Industries and the Pakistan Navy had long-term and friendly cooperation foundation.

 The two sides have carried out all-round cooperation in related fields such as naval equipment, shipyard upgrading, personnel training, and technology transfer, and achieved great results, he added.

 He said that China Shipbuilding attached great importance to the cooperation between the two sides, bringing together top talents and concentrating superior strengths to ensure the smooth progress of cooperation.

 Hu Wenming said that China Shipbuilding Industry Corporation would firmly implement the strategic intentions of the heads of state of China and Pakistan, carefully organize and strive for excellence to ensure the successful completion of quality and efficiency.

 At the same time, he hopes to continue to expand the sincere cooperation with the Pakistani navy at multiple levels in various fields and open up a new chapter in open cooperation, mutual benefit, and development between the two sides.

 Admiral Abbasi thanked China Shipbuilding for its long-term support for the development of the Pakistan Navy.

 He said that China and Pakistan had a proven historical relationship, adding, China Shipbuilding had a very strong force in the development of naval equipment.

 He stated the cooperation between the Pakistan Navy and China Shipbuilding Corporation would further consolidate the all-weather strategic cooperative partnership between China and Pakistan.

 The level of military equipment cooperation between the two countries and the establishment of the China-Pakistan Economic Corridor (CPEC) is important for maintaining regional security and stability.

 The Pakistan Navy hopes to further strengthen cooperation with China Shipbuilding Corporation, expand the scope of cooperation, and deepen mutual benefit and win-win results.

 Pakistan Ambassador to China Masood Khalid, Deputy Chief of Staff of Pakistani Navy and Chairman of Karachi Shipyard Pakistan and Head of China Shipbuilding related departments and units attend the meeting.
South Korean shipbuilding firm Sungdong collapses into receivership after surviving on government aid for eight years.