South Korea’s shipbuilding is recovering
South Korea’s shipbuilding company, Daewoo Shipbuilding & Marine Engineering Co Ltd, unlocks a US$2.6 billion by a debt-to-equity swap. This decision was approved during several meetings this week of the bondholders of the company. Korean Government has a controlling stake of the company, it plans to rehabilitate the activity of the largest Korean shipbuilder’s by attracting investment from Korea Development Bank (KDB) and Export-Import Bank of Korea (KEXIM) not later than the beginning of May 2017. In the future, the government intends to withdraw from the founders Daewoo Shipbuilding & Marine Engineering Co Ltd.