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Biz News Korea(Eng)

Korean govt to force 30% haircut on DSME bondholders

Collected: 2017.03.18

Distributed: 2017.03.20

Source: Go Direct

South Korean financial authorities and state lenders will demand a haircut of up to 30 percent from bondholders of Daewoo Shipbuilding & Marine Engineering Co. (DSME) for burden-sharing in a fresh 3 trillion won ($2.7 billion) rescue package to the troubled shipbuilder.

According to government sources on Friday, DSME’s main creditor Korea Development Bank and Export-Import Bank of Korea would arrange an out-of-court workout program for the shipbuilder that is struggling and cannot afford to repay maturing bonds this year despite the 4.2 trillion won bailout in 2015. Unlike the previous rescue package that relied entirely on state lenders, the new scheme would demand commitment from commercial lenders and bondholders.

If the private lenders resist, the shipbuilder would go to the bankruptcy court for a prepackaged program, which would freeze or write off liabilities and require funding support from lenders when it deems the company should be helped out.

The proposal would be presented to the broad creditors on Sunday.

By Cho Si-young and Chung Seok-woo

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