South Korea may restructure shipbuilders

South Korea's government and banking industry may restructure the shipbuilding sector that is struggling with weak global economic growth, Yonhap News reported, citing unidentified government and financial industry officials.
The government and banks may provide financial assistance to shipmakers facing temporary difficulties, while requiring liquidation of insolvent yards, the Korean-language news agency said today.
The Korea Federation of Banks will meet with shipbuilders today to explain the liquidity support program, according to Yonhap.