South Korea

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Daewoo Shipbuilding Drops Almost 65% as Trading Halt Ends

Shares in Daewoo Shipbuilding & Marine Engineering shed close to two thirds of their value on Monday as the world’s second-largest shipbuilder traded for the first time in 15 months, the Financial Times reported. The stock dropped as much as 64.9 ...

Daily Headline - global.abi.org - 10/30/2017 - 21:30 - 0 comments

South Korea Keeps Kumho Alive with Restructuring

A consortium of creditors led by state-owned Korea Development Bank agreed on Friday to keep debt-laden Kumho Tire afloat after a Won955bn ($835m) sale to China’s Doublestar fell through this month. The deal shows the extent to which the government will ...

Daily Headline - global.abi.org - 10/01/2017 - 18:45 - 0 comments

South Korean Shipbuilders Show Signs of Recovery

South Korea’s troubled shipbuilding industry is showing signs of recovery, with the country’s three biggest shipyards surpassing rivals in China and Japan in terms of new orders, the Financial Times reported.s Daewoo Shipbuilding had the biggest orde ...

Daily Headline - global.abi.org - 06/20/2017 - 20:28 - 0 comments

South Korea’s Daewoo Shipbuilding Thrown a Lifeline

South Korea’s debt-ridden Daewoo Shipbuilding & Marine Engineering Co., the world’s second biggest shipyard, was thrown a lifeline after creditors agreed to a massive debt-to-equity swap as part of a bailout plan, The Wall Street Journal reported ...

Daily Headline - global.abi.org - 04/18/2017 - 21:18 - 0 comments

Daewoo Shipbuilding's Bailout Plan Cleared by Pension Fund

Daewoo Shipbuilding & Marine Engineering Co., the world’s largest shipbuilder, won a reprieve from major bondholder National Pension Service and other lenders, helping avert a payment crisis that had threatened to almost shut the company, Bloomberg N ...

Daily Headline - global.abi.org - 04/17/2017 - 20:26 - 0 comments

Time Running Out for World’s Top Shipbuilder as Creditors Argue

South Korea’s National Pension Service has a decision to make -- help the world’s biggest shipmaker survive, or let it die. Creditors to Daewoo Shipbuilding & Marine Engineering Co. are due to meet next week to decide whether to convert some of the 1 ...

Daily Headline - global.abi.org - 04/11/2017 - 21:21 - 0 comments

Daewoo CEO Says Should Step Down if Shipbuilder Is Unable to Turn Profit

CEO Jung said he expected Daewoo to receive considerable calls from shipowners for "builder's default", cancelling existing orders, if the company goes into court receivership - the regulator's alternate plan for the troubled firm in ...

Daily Headline - global.abi.org - 03/26/2017 - 19:01 - 0 comments

South Korea's Daewoo Shipbuilding to Get Fresh $2.6 Billion Bailout

South Korean state banks are preparing a fresh $2.6 billion bailout for floundering Daewoo Shipbuilding & Marine Engineering Co Ltd (042660.KS), which has built up huge losses from offshore projects and risks missing debt repayments, Reuters reported ...

Daily Headline - global.abi.org - 03/23/2017 - 21:38 - 0 comments

Politics Weigh As Korea's KEPCO Eyes The Toshiba Nuclear Option

South Korea's KEPCO, the likeliest suitor for Toshiba Corp's troubled nuclear business, is holding off from making an approach because of question marks over the scale of damage at the unit and political uncertainty in both South Korea and the ...

Daily Headline - global.abi.org - 03/23/2017 - 21:51 - 0 comments

Korean Shipbuilder Seeks Another Bailout

South Korea’s financial authorities are considering a new bailout package for troubled shipyard Daewoo Shipbuilding & Marine Engineering Co. that includes haircuts for bondholders and fresh loans, people directly involved in the matter said, The Wa ...

Daily Headline - global.abi.org - 03/22/2017 - 21:46 - 0 comments

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