Negotiations with a consortium led by Hong Kong-based AsiaRural Development Foundation stalled after it failed to meet the conditions ofa sale, the Seoul-listed firm revealed today.
Reports emerged in Korean media during the week that AsiaRural was prepared to pay KRW 1.1 trillion ($980m) for the yard which has an orderbookstretching to almost 60 vessels.
However as part of the deal the consortium, which is said to have included a Chinese state-run shipbuilding company and ChinaCommunications Construction Co (CCCC), demanded that it not take on any debt.
It
