SEOUL, May 9 (Reuters) – South Korea’s Hyundai Heavy Industries Co Ltd, the world’s greatest shipbuilder by income, will slash extra jobs and promote non-core property as a part of efforts to deal with shrinking orders, it mentioned on Monday.

The South Korean authorities has urged ailing industries to hurry up restructuring efforts to assist revive Asia’s fourth-biggest economic system. Companies comparable to Daewoo Shipbuilding & Marine Engineering and the nation’s No. 1 transport firm Hanjin Shipping have already needed to bear debt restructuring with collectors as a consequence of a extreme downturn of their respective industries.

South Korea is house to the world’s three largest shipbuilders – Hyundai Heavy, Daewoo Shipbuilding & Marine and Samsung Heavy Industries Co Ltd – and all three reported report losses final yr because of the hunch within the oil business.

Hyundai Heavy Industries mentioned it would perform “voluntary retirement of manager-level employees” with out figuring out the goal quantity. The shipbuilder additionally mentioned it plans to unload non-core property comparable to leisure amenities.

South Korean newspaper MoneyToday mentioned the shipbuilder plans to promote about 1 trillion gained’s ($855 million) value of shares it owns, and different property comparable to golf memberships and property and buildings. It mentioned the plan additionally consists of letting go of three,000 staff, or practically 10 % of the corporate’s complete workforce, citing the shipbuilder’s inside paperwork.

A spokesman at Hyundai Heavy declined to remark, however mentioned it plans to submit “self-rescue” measures to its lead creditor KEB Hana Bank this week.

Hyundai Heavy has already reduce 25 % of its senior managers and lowered total government pay. ($1 = 1,169.0900 gained) (Reporting by Hyunjoo Jin and Joyce Lee; Editing by Susan Fenton)

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