April 25, 2024
Economy
Gov’t approves 4 more firms for corporate restructuring
[THE INVESTOR] The government has approved four more firms for voluntary corporate restructuring through fast-track legal and administrative procedures, the Industry Ministry said on March 29.
The ministry said a government panel chose four companies -- including Taekyung Heavy Industries, a midsized ship materials manufacturer -- to endorse their proposed restructuring efforts to boost competitiveness.
Mytec, a vessel air cooler manufacturing firm, Hyundai Technology & Machinery, a construction machinery company, and Usis, a offshore plant designing service provider, were also on the list.
With the latest four firms, there are now 24 companies subject to the so-called “one-shot” act, as part of the Seoul government’s efforts to speed up corporate restructuring in struggling industries, including shipbuilding, steel and petrochemicals.
By Alex Lee and newswires (alexlee@heraldcorp.com)
The ministry said a government panel chose four companies -- including Taekyung Heavy Industries, a midsized ship materials manufacturer -- to endorse their proposed restructuring efforts to boost competitiveness.
Mytec, a vessel air cooler manufacturing firm, Hyundai Technology & Machinery, a construction machinery company, and Usis, a offshore plant designing service provider, were also on the list.
With the latest four firms, there are now 24 companies subject to the so-called “one-shot” act, as part of the Seoul government’s efforts to speed up corporate restructuring in struggling industries, including shipbuilding, steel and petrochemicals.
By Alex Lee and newswires (alexlee@heraldcorp.com)
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