[Photo] Sungdong Shipbuilding barely avoids liquidation through last-minute sale
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Posted on : Jan.2,2020 16:33 KST
A consortium led by HSG Heavy Industries signed a contract to acquire Sungdong Shipbuilding and Marine Engineering on Dec. 31, the very day Sungdong was set to be liquidated if it hadn’t been acquired. The consortium agreed to pay 200 billion won (US$172.89 million) and to let all the original employees retain their jobs. Once the 10th largest shipbuilder in the world, the company was unable to recover after the 2008 financial crisis. (Kim Bong-gyu, staff photographer)
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