대우조선 '운명의 날'…국민연금 투자위서 최종입장 정리
Korea's National Pension Service is expected to decide soon whether to accept the latest rescue plan for Daewoo Shipbuilding and Marine Engineering.
If the plan is accepted, it will be the second bailout for Korea's once mighty shipbuilder.
Hwang Hojun reports.
A decision is expected soon on whether the troubled Daewoo Shipbuilding and Marine Engineering will get another lifeline.
At a board meeting Friday, the National Pension Service,... which holds 43 percent of Daewoo Shipbuilding bonds that are maturing next month,... worth an estimated 170 million U.S. dollars,... is expected to determine whether to accept a 5-point-8-billion U.S. dollar rescue plan proposed by the Korea Development Bank and the Export-Import Bank of Korea late last month.
Under the rescue package, Daewoo Shipbuilding would receive new loans worth 2-point-5 billion dollars if lenders and bondholders agreed to swap 2-point-5 billion dollars of debt for new shares in the shipbuilder.
All stakeholders must agree to the debt-for-equity swap, and bondholders must also give a three-year grace period for repayment of the remaining debt.
If the plan is approved, it will be the second bailout for Daewoo,... currently the world's second-largest shipbuilder by revenue.
The shipbuilder has been suffering from severe liquidity problems after a drop in global demand for vessels and other industry-wide difficulties.
Creditors say it's inevitable that Daewoo will be put under a new form of court receivership, called a prepackaged plan, unless the bondholders agree to the debt-for-equity swap plan.
If the shipbuilder is put under court receivership, observers expect the aftermath will be brutal, as it could result in 50,000 jobs lost and trigger massive cancellations of ships currently under construction.
Daewoo Shipbuilding's bondholders are expected to gather next week to discuss the debt-to-equity swap and rollover plan.
Hwang Hojun, Arirang News
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