Media: Daewoo employees prepared to take pay cut

The employees at Daewoo Shipbuilding & Marine Engineering are prepared to discuss reduced wages in an effort to save the ailing shipyard. Employee union will now meet with management, reports Korea Herald. The yard could be facing huge state assistance.

Photo: Thorbjørn Hansen

Workers at Daewoo Shipbuilding & Marine Engineering (DSME) are prepared to take pay cuts in order to keep their workplace alive, says the employees' union a day after the government in South Korea presented a new rescue package for the ailing shipyard.

The rescue effort is headed by the two state-owned banks Korea Development Bank and Export-Import Bank and looks set to involve a new loan of USD 2.9 billion to DSME. In return, the private-owned creditors must agree to convert a similar figure into share capital.

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