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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: SKorean shipyards and builders face forced restructuring AFP - Tuesday, December 23 SEOUL (AFP) - - South Korea will form a task force to assess the finances of construction firms and smaller shipbuilders and will force unviable companies to restructure, the financial watchdog said Tuesday. The Financial Supervisory Service (FSS) said banks would immediately form the task force with accounting experts and credit appraisers. "Restructuring will begin early next year," FSS governor Kim Jong-Chang told reporters, adding the government would "boldly" weed out non-viable firms. "Basically, the government will focus on salvaging firms by injecting fresh funds or putting them under debt rescheduling programmes." The FSS said in a statement it plans to calm market jitters "by preemptively restructuring companies that may become insolvent." It said the task force would scrutinise 26 small and medium-sized shipbuilders with orders from overseas, as well as construction companies with more than 5 billion won (3.7 million dollars) in loans. South Korea, home to seven of the world's top 10 shipyards, has secured record orders in recent years. But the global financial crisis and a sharp decline in new orders have eroded their profitability, with smaller shipyards facing a severe credit crunch. The slowing economy has also left a huge number of unsold apartments. Many smaller and mid-sized construction firms are struggling to service debts taken out during the 2005-2006 housing boom. Banks have already agreed to roll over the debt of 27 cash-strapped construction firms by one year in return for restructuring. Government data shows total loans extended by savings banks and other lenders to finance real estate projects stood at 79 trillion won (54 billion dollars) at the end of June. Kim said local chipmakers and carmakers are not in a serious enough situation to require forced restructuring. "The government will provide financial support or consider restructuring if their problems become serious," he said. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Asian stocks slump as China rate cut disappointsAP - 2 hours 39 minutes ago China's Sina to buy large part of digital ad giant's businessAFP - 2 hours 57 minutes ago TOPWRAP 1-U.S. sells record debt, China rate cut disappointsReuters - Tuesday, December 23 SKorean shipyards and builders face forced restructuringAFP - Tuesday, December 23 Related Articles: Business BRIEF-Generali does not rule out future capital hikeReuters - 37 minutes ago India Reliance leases Vopak oil storage in SingaporeReuters - 37 minutes ago China stocks sink on rate cut disappointmentReuters - 37 minutes ago India has scope for more monetary easing-fin ministryReuters - 39 minutes ago Seoul shares drop 3 pct; carmakers slide on outlookReuters - 46 minutes ago Enlarge Photo SKorean shipyards and builders face forced restructuring Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed OECD forecast deepens gloom as world stocks slip Quake zone hero pig named China's animal of the year Tata gives Jaguar cash boost pending bail-out decision: FT Actress Jennifer Aniston appears naked in GQ magazine New Year's hangover? Take two eels and call me in the morning View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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