South Korea

Shinsung Engineering & Construction, a mid-sized building company, Wednesday filed for a court receivership to allow it to reschedule its debts, the Korea Times reported today. It was the first case for the construction industry that has been troubled by diminishing orders and a backlog of unsold housing amid liquidity problems stemming from the global financial crisis. Shinsung's request came after it failed to repay its debts worth 173.9 billion won ($128.5 million) to its 159 subcontractors, according to the Financial Services Commission (FSC).

Seoul shares slipped 2 percent on Tuesday as demand worries following a bankruptcy filing by a major U.S. electronics retailer sent tech exporters such as LG Electronics lower, Reuters reported yesterday. Banks also fell on jitters about funding difficulties and rising bad debt. The United States is South Korea's second-biggest export market. Appliance and mobile phone maker LG Electronics dropped 6.99 percent and LG Display, a maker of flat screens for TVs and computers, declined 6.46 percent. Hynix, which produces chips used in computers and consumer electronics, fell 8.52 percent.