DSME Selling USD 1.14 Bn Convertible Bonds

Cash-strapped South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has decided to proceed with the issue of convertible bonds into stocks within its economic bailout plan.

Under the plan agreed in March with its creditors, the company will sell KRW 1.3 trillion (USD 1.14 billion) to the Export Import Bank of Korea, DSME said in a stock exchange filing.

The plan, which includes KRW 2.9 trillion (USD 2.6 billion) of fresh funds, will see half of the shipyard’s commercial papers converted into equity with the rest being rolled over.

The move follows the sale of KRW 793 billion worth of stocks to DSME’s creditors led by the state-run Korea Development Bank carried out earlier this month.

To remind, KDB said that it would convert KRW 1.8 trillion of debt into equity, after it earlier converted around KRW 400 billion worth of loans into DSME stocks.

World Maritime News Staff

 

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >