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DSME ready with big plan for restructuring

The crisis-stricken Korean giant yard Daewoo Shipbuilding & Marine Engineering (DSME) has announced a big restructuring plan.

Photo: Maersk Line

The giant yard DMSE - Daewoo Shipbuilding & Marine Engineering - sent an e-mail on Monday to its employees that the yard would be carrying out a big restructuring plan.

The plan arrives on the heels of the emerging news last week that the yard is in huge financial trouble. This news caused the stock to drop in one single day by the maximal 30 percent which is allowed on the stock exchange in Seoul. With this plunge, the company reached the lowest market value that it has had in 12 years.

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Daewoo Shipbuilding makes deal with conglomerate on conditional sale

Shipbuilding group DSME has signed a memorandum of understanding with conglomerate Hanwha Group about a sale of Korea Development Bank’s 50-percent equity position, according to a news agency. The state-owned bank has previously stated that the yard ought to be sold quickly. Updated.

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