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Biz News Korea(Eng)
![[Photo provided by Daewoo Shipbuilding & Marine Engineering Co.]](http://file.mk.co.kr/meet/neds/2018/01/image_readtop_2018_71776_15173778453190848.jpg)
[Photo provided by Daewoo Shipbuilding & Marine Engineering Co.]
The Korean company said on Wednesday it sold DeWind Frisco LLC and KODE Novus I LLC to an unidentified U.S. private equity fund for $1.5 million. DeWind, which had owned the wind farms of the two companies, is expected to be liquidated in the coming months.
In 2009, DSME bought DeWind for 140 billion won ($130.6 million) to gain a foothold in the wind power business, a promising high-growth sector for local shipbuilders at the time. But hit hard by the global financial crisis, DeWind like its peers in the wind farm industry struggled from a drought of new orders and remained in the red after the acquisition.
DeWind’s net loss of 18.2 billion won in 2010 snowballed to 106.1 billion won in 2016, forcing the parent company to consider a pullout.
DSME announced in a disclosure statement it would acquire the 85.7 billion won debt under a guarantee agreement with creditors Export-Import Bank of Korea and Woori Bank.
A DSME official said 20 percent of the debt would be paid in installments over the next five years with the remaining debt to be converted into stocks.
As of 2:27 p.m. Wednesday, DSME shares were up 0.21 percent at 23,800 won.
By Woo Je-yoon and Kim Hyo-jin
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]