South Korea

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South Korean Phone Maker Pantech Files for Court Receivership

Cash-strapped South Korean mobile-phone maker Pantech Co. filed for court receivership Tuesday after its latest flagship smartphone failed to take off, The Wall Street Journal reported. The company, in which Qualcomm Inc. and Samsung Electronics Co. ...

Daily Headline - global.abi.org - 08/12/2014 - 23:17 - 0 comments

Huge Claim Sees Daehan File For Court Receivership

Medium-size South Korean yard Daehan Shipbuilding, which has a huge bulker and products-tanker orderbook involving high-profile owners, has filed for court receivership, TradeWinds reported. The DSME-managed builder’s application to the Gwangju District ...

Daily Headline - global.abi.org - 07/06/2014 - 22:01 - 0 comments

20% of Affiliates of Conglomerates on the Brink of Insolvency

About 19.7 percent of the subsidiaries of Korean conglomerates are with impaired capital, or have a debt ratio of over 400 percent, BusinessKorea reported. According to management evaluation firm CEO Score, out of the 1,418 subsidiaries of the 47 busines ...

Daily Headline - global.abi.org - 06/30/2014 - 22:12 - 0 comments

Major Shareholder Of South Korean Ferry Operator Applies For Receivership

The major shareholder of the South Korean operator of the ferry on which hundreds of high school students drowned in April has applied for receivership, a court said on Monday, Reuters reported. Chonhaiji Co Ltd, a ship block maker and the major sharehol ...

Daily Headline - global.abi.org - 06/23/2014 - 23:20 - 0 comments

25 percent of Listed Korean Companies Facing Insolvency Risk

Approximately one-fourth of listed Korean companies are on the brink of insolvency, BusinessKorea reported. Consulting firm AlixPartners held a press conference on March 4 at the Westin Chosun Hotel in Seoul, saying that about 17 percent of the 1,600 or ...

Daily Headline - global.abi.org - 03/05/2014 - 23:19 - 0 comments

Pantech Seeks Fresh Lifeline From Creditors

While the spotlight maybe on the new gadgets being launched at Mobile World Congress by some of the world’s biggest tech companies, spare a thought for little old Pantech, South Korea’s ailing smartphone maker, The Wall Street Journal Korea Real Time ...

Daily Headline - global.abi.org - 02/26/2014 - 22:15 - 0 comments

Ssangyong Files For Court Receivership

Ssangyong Engineering & Construction (E&C) has filed for court protection as its creditors refused to finance the cash-strapped builder, the Seoul-based company said Monday, The Korea Times reported. Ssangyong E&C said it held a board mee ...

Daily Headline - global.abi.org - 01/03/2014 - 02:23 - 0 comments

Kookmin Bank to Close 55 Branches as South Korean Margins Narrow

Kookmin Bank, South Korea’s largest lender by assets, said it will close 55 branches in January as the country’s lenders struggle with the lowest lending margins in four years, Bloomberg reported. The closures will cut costs and help the Seoul-based bank ...

Daily Headline - global.abi.org - 12/02/2013 - 01:20 - 0 comments

Korean Shipping Lines Face Cash Crunch After Expansion

South Korea’s three biggest shipping companies face a cash crunch as 3 trillion won ($2.8 billion) of bonds are due for repayment in the next two years amid mounting losses from a global slump in rates to carry cargo, Bloomberg reported. Hanjin Shipping ...

Daily Headline - global.abi.org - 11/13/2013 - 22:44 - 0 comments

Over 100 SMEs Likely To Face Debt Restructuring This Year

More than 100 smaller firms in South Korea could face debt restructuring this year on consecutive defaults by some large enterprises, the highest tally since the 2008 global financial turmoil, sources from creditor banks said Monday, the Yonhap News Agen ...

Daily Headline - global.abi.org - 10/07/2013 - 23:25 - 0 comments

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