Apr
16
Daewoo Shipbuilding’s Bailout Plan Cleared by Pension Fund
By-
National Pension Service held key to Daewoo Ship’s survival
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Bond holders are scheduled to meet Monday, Tuesday in Seoul
South Korea’s National Pension Service agreed to restructure 1.55 trillion won ($1.4 billion) of bonds issued by Daewoo Shipbuilding & Marine Engineering Co., helping the world’s largest shipbuilder tide over a payment crisis that had threatened to almost shut the company.
An agreement came after Daewoo, the Korea Development Bank and Export-Import Bank of Korea took steps to ensure repayment of the debts, the pension service said in a statement April 16. Banks agreed to convert 80 percent of loans to Daewoo into shares and to extend maturity of the remainder, the Financial Services Commission said separately…
Daewoo Shipbuilding’s Bailout Plan Cleared by Pension Fund
