No Deal Feared on Daewoo Shipbuilding

Monday, December 22, 2008

According to a report from The Korea Times, Hanwha Group and the Korea Development Bank (KDB) are locked in a game of chicken over Daewoo Shipbuilding and Marine Engineering (DSME). With the clock ticking to the year-end deadline set by the bank, the main creditor of the world's No. 3 shipyard, Hanwha is calling for more flexibility on the payment method for the $4.6b deal. Hanwha wants its payment schedule to be extended into the first quarter of next year, while KDB wants everything to be paid by the end of the year.

(Source: The Korea Times)

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