C&Heavy stake to be sold overseas: sources

SEOUL, Feb. 7 (Yonhap) -- Creditors of C&Heavy Industries Co. are pushing to sell
their stake in the local shipbuilder overseas, extending the company's debt
workout program for one month, industry sources said Saturday.

The creditors, including Meritz Fire & Marine Insurance Co. and Woori Bank,
decided to launch a debt rescheduling program last Dec. 3 for the teetering
small-sized shipbuilder, with plans to roll over its debt by Feb. 13.
Creditors will make a final decision on the overseas stake sale of the
shipbuilder by early next week after gathering pertinent information, the sources
said.
Meritz Fire, the largest shareholder of C&Heavy, proposed last month that
creditors sell their stake in the shipbuilder and is in talks with two foreign
private equity funds, the sources said.
The overseas stake sale is subject to 75 percent approval by creditors.
Meritz Fire holds a 51.48 percent interest in the shipbuilder, followed by Korea
Export Insurance Co. with 21.48 percent and Woori Bank with 4.71 percent.
ksnam@yna.co.kr
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