Samho Shipbuilding to resume operations
Samho Shipbuilding of South Korea is likely to come out the mothballs soon, The Tongyoung-based builder's creditor group decided to restart yard operations, after a six-month hiatus, Seatrade Asia online reports.The creditor group, including Kyungnam Bank, Korea Trade Insurance Corporation, the Export-Import Bank of Korea, (Korea EximBank), agreed to abandon part of collateral on KRW 4.8bn ($4.26m) of facilities and to build an incomplete vessel. ?Kyungnam Bank, a main creditor, explained, "This is not a direct conversion of investment or additional loan but shows our intent on operating the yard." ?Korea EximBank added, "This is an indirect way of investment. If Samho sell the completed vessel at KRW 26bn, then it will be able to build another vessel. We are considering to sell Samho's ownership to another company when the yard stabilises."