Hyundai Heavy’s revival plans will put it in the clear: Samil PwC

[THE INVESTOR] Hyundai Heavy Industries will be in the clear should its restructuring measures be executed according to plans, Samil PwC concluded on July 26.

Samil PwC has been reviewing Hyundai Heavy’s plans on the request of the shipbuilder’s major creditors including the Export-Import Bank of Korea since May 23. 

Hit by difficulties, Hyundai Heavy drew up restructuring plans that would cut costs and streamline its businesses. Under the plans, the company will lower its debt by about 2 trillion won, and reduce the debt-to-equity ratio to under 100 percent from the current 134 percent by 2018.

At the briefing Samil PwC held for the creditor banks, providing refund guarantee to Hyundai Heavy was also discussed.

By Choi He-suk (cheesuk@heraldcorp.com)