C&Heavy bites the dust

It appears there is now no way back for cash strapped C&Heavy Industries, a medium sized Korean shipyard and important part of shipping conglomerate C&Group. The Mokpo-based yard had all credit cancelled this week by the Korea Federation of Banks. C&Heavy Industries, which focused predominantly on 81,000 dwt bulk carriers, filed for a workout program on 3 December having tried numerous other financial solutions to get itself out of its debt burden. Now lenders have decided it is beyond help, while agreeing to restructure 14 other Korean entities.