Troubled shipyard C&Heavy seeks to find overseas buyer

SEOUL, March 17 (Yonhap) -- C&Heavy Industries Co., a small South Korean
shipbuilder, said Tuesday that it will continue efforts to find an overseas buyer
as its creditors ended a debt workout program.

In a regulatory filing, the embattled shipbuilder said Mirae Asset Securities Co.
and other financial advisors are working to find an overseas buyer.
Creditors, led by Woori Bank, said Monday that they will terminate the debt
workout program that started in December last year.
If the shipbuilder fails to find a potential buyer, it may file for bankruptcy.
Meritz Fire & Marine Insurance Co., the largest shareholder of C&Heavy, proposed
in January that creditors sell their stakes in the shipbuilder. It has since been
in talks with two unspecified foreign private equity funds.
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.
sam@yna.co.kr
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