Nok Bong threatened with liquidation

The Shinhan Bank in South Korea, in charge of managing the financial affairs of Nok Bong Shipbuilding, has threatened the yard with liquidation. Shinhan recommended the liquidation to Evaland Shipping, the Greek shipowner that filed a lawsuit against Nok Bong last year. Evaland said that it had an outstanding claim worth $60 million but has not heard from the Korean bank.

There is now speculation that there might perhaps be another Greek owner involved, but neither Nok Bong nor Shinhan has commented. The percentage of recoverable debt is ten percent, and the bank said it would proceed with debt arbitration should the owner accept the amount.