It is reported that Daewoo shipbuilding
creditors will as the Daewoo shipbuilding provide 4.2 trillion won ($36.8
billion) of capital, as a part of Daewoo shipbuilding restructuring. Among
them, the South Korean Industrial Bank will provide 2.6 trillion won, South Korea's
import and export bank will provide 1.6 trillion won.
Daewoo shipbuilding main creditors Korea
Development Bank (KDB) on Thursday announced that in addition to capital
injection, this comprehensive rescue plan also includes the privatisation of
Daewoo shipbuilding.
The third quarter of this year, Daewoo
shipbuilding net loss reached 1.36 trillion won. This means that since the
beginning of Daewoo shipbuilding losses amounted to more than $3000000000.
Yonhap quoted South Korea banking industry
vice president Jung Yong-ho said that Korea Development Bank will with South
Korea import and export bank together, through loans and capital to Daewoo
shipbuilding injection. After the signing of the formal agreement, the relevant
cash will be deposited in the bank next month.
Previously, Daewoo shipbuilding management
and unions have agreed to during the restructuring period wage freeze, a
written commitment to union workers during the restructuring period not to
strike. Through restructuring, Daewoo's debt ratio will fall from 500% to
4000%.
However, in order to obtain the creditors
funds, Daewoo shipbuilding need layoffs and sold assets. From the beginning of
the end of next year, Daewoo shipbuilding will dismiss 10000 employees, and
reduce the scale of business, will be a loss of marine equipment construction
business accounted for the proportion from more than 50% of the current reduced
to less than 40%. Daewoo shipbuilding will also by selling non core assets and
other means to raise 1.85 trillion won.
In addition, Jung Yong-ho said as Daewoo
shipbuilding restoration measures of fundamental, Industrial Bank of Korea will
as soon as possible to promote the privatization of Daewoo shipbuilding and
selling the shares held; consider to Daewoo shipbuilding has the world's top
technology and competitiveness, active risk management and centralized warfare
strategy will help Daewoo shipbuilding returned to normal. Industrial Bank of
Korea has a 31.5% stake in Daewoo shipbuilding.
The Korea Development Bank is expected next
year, Daewoo shipbuilding will restore operating income, to 2019 will achieve
complete financial independence.
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