To fight another day
The shipyard of STX Offshore and Shipbuilding in Changwon, South Gyeongsang, on Tuesday. The shipbuilder’s main creditor Korea Development Bank said it has accepted the self-rescue plan that was submitted by the company on Tuesday, a day after the initial deadline on Monday. Union workers agreed on a proposal by the company to reduce fixed costs including cutting labor costs. In exchange for keeping their jobs, union workers agreed on a cut to their paycheck, bonus and periods of unpaid leave. [YONHAP]
with the Korea JoongAng Daily
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