Ilsung Corp., a local manufacturer of equipment for oil refining and petrochemicals, said on Friday that as of last week, it was on track to get back on its feet.

The company said that on Feb.7, the court issued an approval for its self-restructuring plans, which involved lay-offs and other efforts to trim down and stay more efficient. 

The move came less than a year since Ilsung first entered into court receivership in April of 2012.

Ilsung, which had been recording sales of an annual 200 billion won and employing u to 1,000 workers, hit a rut in the aftermath of the Lehman Brothers crisis. 

Throughout the receivership, however, the company had continued to supply to global entities such as Shell, Reficar, Bechtel and Fluor, and has now obtained new contracts with companies such as Coral Bay and refiners located in Turkey.

Ilsung’s management pledged to continue on the path toward a turnaround, saying that its partners and subcontractors have all agreed to help the company achieve the comeback.

By Kim Ji-hyun (jemmie@heraldcorp.com)