The National Pension Service (NPS), which had been negative about the restructuring of the debt of Daewoo Shipbuilding & Marine Engineering (DSME), changed its stance on March 29 by saying that it would examine the issue with prudence and in a way that can contribute to the profitability of itself.
The National Pension Service (NPS) of South Korea said on March 26 that discussions are required for selective redemption of Daewoo Shipbuilding & Marine Engineering’s (DSME) maturing corporate bonds. In response, major shareholders such as the Korea Development Bank (KDB) and the Financial Services
The controversies over the sale of Kumho Tire haven’t died down. The Korea Development Bank (KDB) presented an ambiguous proposal on March 24 that it would re-discuss whether to allow Kumho Asiana Group Chairman Park Sam-koo to form a consortium for the purchase of Kumho Tire after reviewing his pla
Creditors, such as the Korea Development Bank (KDB) and the Export-Import Bank of Korea (Exim Bank of Korea), have decided to provide a total of 6.7 trillion won (US$5.97 billion), including 2.9 trillion won (US$2.58 billion) of fresh funds, to Daewoo Shipbuilding & Marine Engineering Co. (DSME). Th
The financial authorities have decided to reduce the allowances for bad debts of banks which plan to convert the debt of Daewoo Shipbuilding & Marine Engineering (DSME) into equity. It will not downgrade DSME’s loan soundness rating to the “fixed” level but maintain the current “dangerous” level in
Kumho’s main creditor Korea Development Bank (KDB) on March 22 submitted for Kumho Tire’s shareholder council meeting to discuss on whether to allow Kumho Asiana Group chairman Park Sam-koo to form a consortium to purchase Kumho Tire. The state-run bank was scheduled to submit it on March 20, but th
Lim Jong-ryong, chairman of the Financial Services Commission (FSC) of South Korea, said on March 21, “Merger and acquisition (M&A) is the ultimate goal of restructuring of Daewoo Shipbuilding & Marine Engineering (DSME).” In this regard, DSME will sell the entire business together with its defense
The production base of GM Korea is shrinking. With the export volume expected to drop after the withdrawal of Chevrolet from the European market, the company’s Bupyeong plant will reduce engine production by 24 percent. Industry watchers express concerns over the American car maker’s decreasing outp
It is expected that the South Korean government will provide up to three trillion won (US$2.6 billion) for Daewoo Shipbuilding & Marine Engineering on certain conditions with the liquidity of the company exhausted. The new fund is likely to be provided in return for a debt workout program and it is
The “approval of the acquisition of a defense company” has emerged as a new variable in the sale of Kumho Tire, for which Chinese tire maker Doublestar was selected as the preferred bidder. Since Kumho Tire supplies tires for Korean military fighters and trainers, a Chinese corporation must pass a r
Samsung Life Insurance and Samsung Fire & Marine Insurance were dishonored as insurers with the most complaints from incomplete sales.Minjoo Party lawmaker Park Yong-jin analyzed data on insufficient explanations about insurance policies from the Financial Supervisory Service on March 13. As a resul
The Korean creditors of Kumho Tire, including Korea Development Bank (KDB) and Woori Bank, on March 13 signed a share purchase agreement (SPA) in Seoul, South Korea with the preferred bidder China-based Doublestar. The total size of the transaction is 955 billion won (US$810 million).If chairman Par
It has been analyzed that the Korea Development Bank (KDB) and the Export–Import Bank of Korea (Korea Eximbank) will need more than 2 trillion won (US$1.77 billion) of allowance for bad debts on Shipbuilding & Marine Engineering (DSME). Moreover, the possibility of bad loans on DSME is expected to b
Korea East-West Power Corporation (EWP) announced on Feb. 8 that it held a ceremony that celebrates the provision of funds for a coal-fired thermal power plant project on a build-operate-transfer (BOT) basis in Jakarta, Indonesia, on the 7th (local time).The EWP-West Power-Adaro Power consortium obt
Mirae Asset Financial Group announced on January 9 that a consortium led by the financial group will invest more than 1 trillion won (US$830 million) to build a massive luxury ocean resort complex on the country's southwest coast by 2029. The investment is the largest in the tourism and leisure sect
The Korea Development Bank (KDB) will provide 300 start-ups with an opportunity for investor relations services (IR) next year. The figure is more than three times higher than 90 start-ups introduced by the KDB this year.The bank said on December 18 that it held the “Next Round 2016 Closing Day” wit
Hyundai Merchant Marine Co. (HMM), a major shipping line here, will receive fresh funds of 300 billion won (US$256.52 million) from creditors in order to acquire Hanjin Shipping’s assets, including the Long Beach Terminal in California. Korea Development Bank (KDB) has also pledged to provide more f
Korea Development Bank (KDB) announced that it has signed a memorandum of understanding (MOU) with PT Sarana Multi Infrastruktur (SMI), an infrastructure financing company owned by the government of Indonesia, at the SMI headquarters in Jakarta, Indonesia, on November 22 (local time) to build a mutu
Daewoo Shipbuilding & Marine Engineering employers and employees submitted their letter of confirmation regarding business stabilization to the creditor bank Korea Development Bank (KDB) on November 17. Under the circumstances, the shipbuilder’s plan for recapitalization is likely to gather momentum
Creditors of debt-laden Daewoo Shipbuilding & Marine Engineering Co. said that it will inject 2.8 trillion won (US$2.42 billion) into the company, but conditioned that the shipbuilder's labor union accept the company's large-scale restructuring scheme.Under the plans, the state-run Korea Development