[THE INVESTOR] Korea’s top financial regulator will closely oversee the ongoing industry-wide restructuring process of the country’s debt-laden shipbuilders to ensure that the companies fully implement their overhaul plan worth over 10 trillion won.

Financial Services Commission Chairman Yim Jong-yong said Tuesday he will hold a biweekly meeting to check whether top local shipyards are making sufficient efforts to normalize their businesses. 

“In the first meeting, the chairman plans to underline that the shipbuilders should thoroughly complete their promised self-help measures, including job cuts and asset sales, to avoid being placed under court receivership,” a FSC official said.

The country’s top three shipbuilders, Hyundai Heavy Industries, Samsung Heavy Industries, Daewoo Shipbuilding & Marine Engineering, have drawn up self-rehabilitation worth 10.35 trillion won including asset sales and workforce reduction, in order to stay afloat amid a drop in new orders.

The shipyards are required to submit their detailed action plans by next week to their creditors, the FSC said.

By Park Han-na (hnpark@heraldcorp.com)