Daewoo Shipbuilding's bailout plan cleared by pension fund
Daewoo Shipbuilding & Marine Engineering Co. just barely averted a severe crisis now that a bailout plan has been approved by a major bondholder. Two other meetings of bondholders are due to meet tomorrow and they are also likely to approve, analysts say.
JUNG PARK & KYUNGHEE PARK, BLOOMBERG
Daewoo Shipbuilding & Marine Engineering Co., the world's largest shipbuilder, won a reprieve from major bondholder National Pension Service and other lenders, helping avert a payment crisis that had threatened to almost shut the company.
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