S.korea plans to boost shipping industry restructuring

South Korea's Local lenders said they are planning to put 10 to 20 percent of the nation's 38 largest shipping companies under debt workout or liquidation procedures as part of an effort to speed up the restructuring of the shipping industry in the face of the global economic crisis, Yonhap News reported.

Banks are expected to single out five to seven shippers with the bleakest outlooks for debt repayment, profitability and future business before forcing them to undergo painful restructuring programs or exit the market, the sources said.

Source: GCTL8.com