Kwang Sung latest Korean yard to opt for debt workout

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Seoul: Medium-sized South Korean yard Kwang Sung is the latest yard to opt for a bank-led workout procedure. Kwang Sung is a midsize shipyard located in Mokpo city, west of South Korea. It constructs newbuildings at two slipways. In recent years, it forayed into the field of oceangoing vessels.
Kwang Sung represents the eighth yard that has been given the C rating, which calls for workout procedure, and D rating, which requires the yard's withdrawal from the business, in the state run credit investigation conducted on the shipbuilding industry of South Korea since January this year. [16/07/09]