April 25, 2024
Economy
Gov’t picks 5 firms for fast-track restructuring
[THE INVESTOR] Five Korean firms received government approval to carry out corporate restructuring through fast-track legal and administrative procedures, the Industry Ministry said on June 8.
The ministry said a government panel chose five companies, including LG Siltron, which manufactures wafers for semiconductors; ITC, a cable supplier; and Shin Pung Textile to endorse their proposed restructuring efforts to boost competitiveness.
With the latest addition, there are now 37 companies subject to the “one-shot” act, as part of the Seoul government‘s efforts to speed up corporate restructuring in struggling industries, including shipbuilding, steel and petrochemicals.
LG Chem, the country’s largest chemicals manufacturer, and Hanwha Chemical have also been included on the government-backed list.
By Alex Lee and newswires (alexlee@heraldcorp.com)
The ministry said a government panel chose five companies, including LG Siltron, which manufactures wafers for semiconductors; ITC, a cable supplier; and Shin Pung Textile to endorse their proposed restructuring efforts to boost competitiveness.
With the latest addition, there are now 37 companies subject to the “one-shot” act, as part of the Seoul government‘s efforts to speed up corporate restructuring in struggling industries, including shipbuilding, steel and petrochemicals.
LG Chem, the country’s largest chemicals manufacturer, and Hanwha Chemical have also been included on the government-backed list.
By Alex Lee and newswires (alexlee@heraldcorp.com)
![[KH Explains] Korean shipbuilding stocks rally: Real growth or bubble?](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=151&simg=/content/image/2024/04/25/20240425050656_0.jpg)
![[Hello India] Hyundai Motor vows to boost 'clean mobility' in India](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=151&simg=/content/image/2024/04/25/20240425050672_0.jpg)
