South Korean medium-size shipbuilder ShinaSB Yard has filed for bankruptcy after being on life support since April 2014, according to local media.
Namely, the company filed for bankruptcy with the Changwon District Court earlier this week after it had failed to find buyers on three separate occasions during court receivership.
The shipbuilder has not received a new order since 2007.
Following this move, the court will appoint a bankruptcy trustee to distribute the shipyard’s assets and the company will let go its workforce of 190 people.
The shipyard used to construct chemical and product tankers, RoRo vessels, car/truck carriers, bulk carriers and container carriers.
Since it was founded in 1946, ShinaSB, formerly known as SLS Shipbuilding, has changed its name numerous times.
World Maritime News Staff