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South Korea finance minister asks for cooperation on fresh Daewoo Shipbuilding bailout plan
March 23, 2017 / 12:38 AM / in 9 months

South Korea finance minister asks for cooperation on fresh Daewoo Shipbuilding bailout plan

SEOUL (Reuters) - South Korean Finance Minister Yoo Il-ho asked creditors on Thursday to cooperate on a fresh bailout plan for Daewoo Shipbuilding & Marine Engineering Co Ltd (042660.KS) as state banks plan to inject fresh liquidity into the shipbuilder.

South Korean Finance Minister Yoo Il-ho speaks during an interview in Manhattan, New York, U.S., January 11, 2017. REUTERS/Shannon Stapleton

“I would ask for cooperation from stakeholders so that Daewoo Shipbuilding does not miss their last chance to voluntarily reschedule their debt,” Yoo told other ministers at a policy meeting in Seoul.

    Yoo said main creditors have suggested they would inject fresh liquidity into the company if bondholders and other creditors agreed to a “haircut” reduction in the value of their Daewoo Shipbuilding debt holdings.

    He declined to offer details on the bailout amount, and said state banks including the Korea Development Bank and the Export Import Bank of Korea would provide briefings later in the day.

    Reporting by Cynthia Kim; Editing by Eric Meijer

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