South Korean shipyard Hanjin Heavy Industries & Construction will head into joint management with its creditors within the next six weeks.
The company’s self-rescue plans have been approved. Asset disposals and lay-offs are expected in the coming two months. The cutbacks are likely at Hanjin Heavy’s headquarters in Busan, but not at its overseas yard in Subic Bay in the Philippines.
Hanjin Heavy is one of a swathe of Korean yards at the mercy of creditors at the moment.
Source: Splash 24/7
Source: Splash 24/7