Bondholders of Daewoo Shipbuilding Approve Debt Rescheduling Plan

Write : 2017-04-18 18:35:56 Update : 2017-04-19 07:00:20

Bondholders of Daewoo Shipbuilding Approve Debt Rescheduling Plan

Bondholders of embattled Daewoo Shipbuilding and Marine Engineering have approved the latest government-drawn debt rescheduling plan.

The shipbuilder said that after two rounds of bondholder meetings on Tuesday, more than 99 percent of the participants approved the government plan.

In three similar meetings held on Monday, more than 98 percent of the participants approved the plan, under which they would provide a debt-for-equity swap on half of their one-point-35 trillion won worth of Daewoo bonds and postpone payment for the remainder for three years.

With the approval of the debt restructuring plan, creditor banks will give two-point-nine trillion won in fresh loans to the cash-strapped shipbuilder starting in early May. 

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