Daewoo Shipbuilding & Marine Engineering (DSME), through its financial difficulties, will be forced to liquidate its overseas subsidiaries including Daewoo Mangalia Heavy industries, Romania’s largest shipyard, and DeWind, as part of a massive corporate shakeup at the world’s third largest shipbuilder. DSME has a 51% stake in Mangalia, a yard it bought into 18 years ago. The Romanian government holds the remainder. Although it used to build a number of containerships, orders there have dried up, and debts vastly outweigh its assets. It remains unclear if the Romanian government will step in to take over the yard when DSME quits. DSME will also offload DeWind, a Texas based wind power firm it acquired six years ago.
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