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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