With South Korea’s manufacturing companies showing signs of stress from the prolonged global economic downturn, the country’s Financial Services Commission is stepping in to restructure the most vulnerable. At the top of the list are shipping and shipbuilding companies Hyundai Merchant Marine, Hanjin Shipping, Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering. South Korea’s two state-run banks are holding debts of US$10 billion. The banks will get cash injections from the government, but the companies face massive job losses and asset sales.
