Kukdong Engineering & Construction on Wednesday filed for court receivership.
The 65-year-old firm, an affiliate of Woongjin Group, announced its insolvency on Tuesday. It is the second time the firm has filed for court receivership, having previously applied in 1998.
The firm, which ranks 38th in the construction field, had led the country’s advance into the Middle East market in the late 1970s and early 80s.
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