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Korea Development Bank and the Export-Import Bank of Korea, the country’s two key state-run banks, have started a large-scale debt restructuring process for Daewoo Shipbuilding & Marine Engineering.
Last week, the country’s second-largest shipbuilder reported a loss of 2 trillion won ($1.7 billion) in the second quarter.
KDB, which is DSME’s largest shareholder with a 31.46 percent stake, pledged to normalize the company without resorting to extreme measures such as a walkout. Eximbank, the company’s largest creditor with some 8.3 trillion won in loans to the shipbuilder, said it would support KDB in analyzing the crisis and securing liquidity for DSME.
The distressed shipbuilder is known to have a 200 billion won corporate bond that will reach maturity on Thursday, as well as another bond worth 300 billion won set to mature in November.
Creditors, however, said DSME would have little problem dealing with the payments, as it currently has some 600 billion won in liquidity.
(tellme@heraldcorp.com)
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Articles by Korea Herald
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