DSME creditors urge union to approve turnaround plan

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DSME creditors urge union to approve turnaround plan

Creditors of Daewoo Shipbuilding & Marine Engineering once again urged the shipbuilder’s labor union on Monday to submit documents approving the company’s management turnaround plans, a step that is required before the company can receive further funds for its restructuring efforts.

Korea Development Bank, the main creditor of the debt-ridden shipbuilder, said the bank would not be able to give the company further financial support if the workers fail to submit an agreement by Thursday.

Creditors had come up with a plan to provide 2.8 trillion won ($2.4 billion) to the troubled shipbuilder, but they have not been able to execute it because the labor union has not given the plan its rubber stamp.
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