S. Korea's Daewoo Shipbuilding to get USD3.6b aid
Date
11/10/2015 5:09:14 AM
(MENAFN) South Korea-based Daewoo Shipbuilding, the second largest shipbuilder in the world and one of the "Big Three" shipbuilders of South Korea has been suffering financially lately.
According to industry sources, creditors led by state-run Korea Development Bank (KDB) will give a whopping USD3.6 billion in financial aid to help the agonizing company in their latest bid to save it.
Daewoo Shipbuilding has faced more than USD3.4 billion loss in the first nine months, mainly due to a postponement in the construction of offshore facilities and a series of order cancellations.
Furthermore, Daewoo Shipbuilding is not alone as domestic shipyards are also stressed with growing costs stemming from delays in the construction of offshore plants and an industry-wide plunge.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.