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FSC Chairman’s press briefing on pressing financial issues

FSC Chairman Yim Jong-yong made clear the government’s principles regarding restructuring of the financially-distressed shipping and shipbuilding industries.

At a press briefing took place on August 10, he said that Hanjin Shipping successfully managed to restructure its debt structure.

“However, it must resolve its cash shortage by itself or face court receivership,” he said, ensuring once again that the government will retain its firm belief in market-led resctructuring.

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Regarding the shipbuilding sector, he emphasized that the government is doint its utmost to revive Korea’s big-three shipbuilders.

“Samsung Heavy, Hyundai Heavy, and DSME are undergoing an unprecedentedly intense self-restructuring procedure worth 10.3 trillion won,” he said.

Chairman Yim also commented on Woori Bank sale. Although the government is very much committed in selling Woori Bank’s controlling stake, he made it clear that the government will not rush to sell it off.

Successful sale that can satisfy all parties involved is the most important part,” he added.