The government has decided to have Sungdong Shipbuilding and Marine Engineering file for court receivership and STX Offshore and Shipbuilding Company to take stringent self-rescue efforts. 

Finance Minister Kim Dong-yeon chaired a meeting of related ministers in Seoul on Thursday and went over restructuring measures devised by creditors for the financially-struggling shipbuilders. 

Kim said that during the past two months, consulting firms carried out extensive analysis on the two companies, including on the competitiveness of the firms’ departments and ways to overhaul the businesses. 

The minister added that the government collected a wide variety of opinions from management, labor and experts. 

Kim said if STX’s management and labor fail to produce an agreement on corporate restructuring and self-rescue efforts within a month, the government will take steps based on principles.