Two Korean shipbuilders are struggling to stay afloat amid the tough conditions in the global industry. According to a government official on Wednesday,... Sungdong Shipbuilding, a mid-sized local shipbuilder is expected to soon go into court receivership. Once the company applies for receivership, the court will decide whether to liquidate it or search for a new buyer. STX, which is also facing serious financial woes, will reportedly push ahead with more intense self-reliance measures in a bid to turn its fortunes around. Both shipbuilders have been struggling despite government help over the years.
