Business · Companies · 3 hrs ago
Daesun Shipbuilding’s Workout Ends as Company Starts Again as SB Daesun
Daesun Shipbuilding’s workout has ended, South Korea’s Export-Import Bank said on October 25.
The company is based in Busan, South Korea, and was established in 1945.
It entered the restructuring process in October 2023 under South Korea’s Corporate Restructuring Promotion Act.
Rising costs and production delays caused a cash shortage that led to the workout.
The creditor group, including lead bank the Export-Import Bank, provided for 170 billion won in new funding and 10 billion won in guarantees.
The company is starting again as SB Daesun, marking a new phase after the workout ended.
Daesun Shipbuilding’s workout has ended, and the company is starting again as SB Daesun.
The Export-Import Bank of Korea announced the end of the joint management process on October 25, 2026.
The Busan-based shipbuilder began the workout in October 2023 after rising costs and production delays caused a liquidity shortage.
The creditors’ council provided 170 billion won in new funds and 10 billion won in guarantees.
Daesun Shipbuilding was established in 1945.
- Who
- Daesun Shipbuilding, now starting again as SB Daesun.
- What
- Its workout ended, marking a new start for the company.
- When
- The workout ended on October 25, 2026; it began in October 2023.
- Where
- Busan, South Korea.
- Why
- Rising costs and production delays caused a liquidity shortage.
This story does not have two clearly opposing sides.
Daesun Shipbuilding was established.
The company began a workout under the Corporate Restructuring Promotion Act after a liquidity shortage.
The Export-Import Bank of Korea announced that the workout had ended.
- Company
- Daesun Shipbuilding, restarting as SB Daesun
- Location
- Busan
- Founded
- 1945
- Workout began
- October 2023
- New funding
- 170 billion won
- Guarantees
- 10 billion won