Tongyeong-based shipbuilder, 21st Century Shipbuilding ended up going through a bankruptcy procedure. According to financial industry and market players, bankruptcy court of Changwon District Court of South Gyeongsang Province declared bankruptcy of the Korean builder on June 17, judging that the company has no chance of revival.
Accordingly, the builder’s main creditor bank, Korea Development Bank (KDB) notified creditors group to suspend a joint management.  
Amid protracted recession of shipbuilding industry and etc., 21st Century Shipbuilding could not find a new owner even though the deadline of corporate rehabilitation procedure has been extended by six months late last year.
Meanwhile, Samho Shipbuilding located near 21st Century had declared an official bankruptcy in February, 2012, while ShinaSB Yard succeeded in extending a corporate rehabilitation procedure by one more year, last November.