Hyundai Heavy wins creditor approval for overhaul

South Korea's Hyundai Heavy Industries has received the green light for a near 3.0 billion restructuring programme - including asset sales and job cuts - to keep the world's largest shipbuilder afloat. A spokesman for KEB Hana Bank, one of the company's chief creditors, confirmed Wednesday that it had approved the 3.5 trillion won ($2.94 billion) plan, to be implemented over the next three years. Hyundai Heavy, along with Daewoo Marine and Shipbuilding, and Samsung Heavy Industries, make up the "Big Three" South Korean shipbuilders who have, until recently, enjoyed a decade of almost uncontested global dominance.