Korean shipyard 21st Century has been declared bankrupt after it failed to find a buyer. Changwon district court forced the bankruptcy on June 17, judging it had no prospects of a revival, according to Korean industry sources.
Major creditor Korea Development Bank (KDB) suspended joint management operations. No new investors had stepped in for the Tongyeong shipbuilder despite its restructuring deadline being extended by six months.
In January, the company had been divided into seven lots, including the head office, factory assets, an open-air storage yard and property owned in Geoje. About 10 parties have expressed an interest.
It revealed an operating deficit of KRW 86.14 billion ($75.63 million) in 2011, and net losses of KRW 162.86 billion.
21st Century had been starved of orders since the collapse of the financial market in 2008.
21st Century goes bankrupt
