[South Korea's Choice Financial newspaper reporter] The government should invest 2.9 trillion won in new funds to revive Daewoo Shipbuilding & Marine Engineering.
Not the last meeting in October 2015 up Annex Daewoo Shipbuilding decided to fit the 4.2 trillion won support such as the possibility of future orders in just 1 year 5 months 'additional funding is no more' surprise and was turning, but.
National banks, put the premise that banks and corporate creditors 2 1 trillion loan 9000 debt-for-equity swap that turns a billion to the debt restructuring stocks, such as high strength should be followed. When including new funding and debt-for-equity swap is all count goes further support of the 6.7 trillion won in size.
The government is planning to promote the regenerative pre-planned system of courts (P Plan, Pre-Packaged Plan) if the debt may come with smooth coordination among stakeholders.
And the largest shareholder of Daewoo Shipbuilding main creditor bank, Korea Development Bank and Export-Import Bank of Korea, Seoul, Yeouido, and 23 mountain held a press conference at the headquarters said the Daewoo Shipbuilding restructuring plan 'of such information.
The core of this is the loss of support measures through the sharing of debt restructuring all creditors, including commercial banks and bond investors.
Creditors and transition sachaegwonja are investing a total of 2.9 trillion won loan. The remaining 900 billion won will extend the maturity 3-5 years and it should lower the annual interest of 3% or less.
Corporate bonds, commercial paper (CP) is an investor-owned situations by switching 50% of total debt 1.5 trillion won to share the pain to come off. DSME corporate bonds, 70% institutional investors such as pension, Korea Post, banks, insurance, individuals remaining 30% are estimated to private investors.
Commercial banks should also be switched owned 80% of the 700 billion won unsecured bonds.
Development Bank and the Export-Import Bank is owned 100% conversion trillion 600 billion won unsecured bonds.
Daewoo Shipbuilding is scheduled in April to pursue a debt restructuring agreement by the debenture maturity 21 days of the month, commercial banks and bond investors bet that it is difficult to accommodate.
FSC Provisions possible liquidity shortage in the remaining funds, including the current situation and in May raised even argument for the new government launched after establishing and promoting a response plan, but the market is concerned, in April wigiseol, such as anxiety quickly eliminated the need there 'said' said that given the deteriorating situation and the urgent management of the domestic economy, such as Daewoo Shipbuilding, no deferred capital should not put off even the situation. "
However, the position that the government "understands that inevitably applying P plans to take advantage of legally enforceable in accordance with the restructuring principles if not reach a debt restructuring agreement between the parties. P enters a kind of plan of debt adjustment court will force the courts.
Commercial banks and the corporate creditors agree to debt restructuring and Daewoo Shipbuilding union wage cuts, if you cooperate with additional self-rescue plan implementation, including layoffs acid and mercury, divide the new funds 2.9 trillion won a 50% share to limit loan type input to the policy.
Complementary measures to be smoothly liquidated debt-for-equity swap shares to be resumed this year, Daewoo Shipbuilding and also promote equity transactions during the second half of the year.
Although it is difficult, do not put any more taxpayers 'money' it stands to avoid criticism geupseonhoe one. DSME creditors and the government is now bankrupt when burned emphasize that countries can reduce the economic costs generated 59 trillion won handamyeonseo leave alive when the company went bankrupt ripple effect of 26 trillion won (end of 2020) and reached further assistance.
In this regard, the creditors and the government, there were side did not respond to more conservative risk factors haetgo not predict the long-term recession shipbuilding company "admitted the point.
If it supports liquidity in Daewoo Shipbuilding and Offshore Plant to significantly reduce the sector uncompetitive and decided to accelerate the reorganization of business at a competitive commercial and defense center. It plans to promote next year after mergers and acquisitions (M & A) embark on the Daewoo Shipbuilding 'find the owner.
The creditors said, "it is necessary to convert the vision for the economy of my scale domestic shipbuilding industry and low-priced orders, over-the big three (Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering) to supply solved in accordance with the rat race to the big 2 ' .
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