Plant equipment company Ilsung recently succeeded in exiting from court receivership after over four years of self-rescue measures, the company said Wednesday.
The company filed for the court receivership in April 2012 after it faced financial damage in the aftermath of the global financial crisis in 2008.
Established in Ulsan in 1984, Ilsung provides high quality process equipment for oil, gas and energy industries. It has has global companies as its clients including Shell, UOP, Bechtel, Fluor, CB&I, Technip and Chiyoda. Ninety percent of its sales are dependent on exports.
Upon the company’s efforts to normalize its business, it was able to draw annual sales of $75 million and received approval from its creditors to end the court receivership in summer.
“(I) thank the creditors, subcontractors and all the employees who participated in the self-rescue measures,” said Ilsung CEO Chang Jae-hyuk.
By Lee Hyun-jeong (
rene@heraldcorp.com)
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