A restructuring of South Korea's shipbuilding industry, which has been hit by a downturn in orders, is being considered by the country's government and banks, according to dpa. Proposals are being considered that would offer troubled shipbuilders conditional financial support, reported the Yonhap news agency Tuesday, citing government officials. A group of banks is currently reviewing a restructuring program for some of the smaller of the country's 300 shipbuilders, reported The Korea Times. According to experts, about half of such companies are threatened with financial collapse because of problems collecting payments due, say industry experts. Seven of the world's 10 largest shipyards are located in South Korea. Hyundai Heavy Industry is the world's largest. Almost 45 per cent of new ships delivered in 2007 came out of South Korea, according to industry data.
