Daesun Shipbuilding's workout process has concluded after three years, and the company is rebranding as SB Daesun as it moves toward management normalization.
The Korea Export-Import Bank announced on October 25 that it has finalized the workout for Daesun Shipbuilding, which began in October 2023 due to liquidity issues stemming from rising costs and delays in production.
During the workout, creditors provided 170 billion won in new funding and 10 billion won in guarantees to assist in the company's recovery.
Throughout the workout period, Daesun Shipbuilding focused on normalizing operations by delivering all 18 vessels it secured contracts for. As part of its self-rescue plan, the company sold its Yeongdo Shipyard in January and consolidated operations at the Daedae Shipyard to enhance efficiency.
As a final step toward management normalization, Daesun Shipbuilding sought new investments starting in January. After a competitive bidding process, it signed an investment contract with SB Shipbuilding in July. SB Shipbuilding completed the payment for new shares on October 21, becoming the largest shareholder of Daesun Shipbuilding.
With this development, Daesun Shipbuilding is concluding its creditor management system and embarking on independent management normalization, officially changing its name to SB Daesun.
A representative from the Korea Export-Import Bank stated, "The strategic investment from SB Shipbuilding is expected to create business synergies by combining SB Shipbuilding's eco-friendly energy system technology with Daesun Shipbuilding's production infrastructure. The conclusion of Daesun Shipbuilding's workout can serve as a successful case of corporate restructuring, contributing to job stability in Busan and revitalizing the shipbuilding ecosystem."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.