Korea's Sungdong Shipbuilding and Marine Engineering has today filed for court receivership.
Korean media reported that the Tongyeong-based yard's creditors have refused to extend new loans.
Sungdong has been under a creditor-led rehabilitation scheme after being hit by the order slump.
Korea Eximbank chief Eun Sung-soo said earlier that receivership was inevitable because the yard could go bankrupt in the second quarter of this year.
