[Korea's financial standing hyomun newspaper reporter] jeongseongrip Daewoo Shipbuilding & Marine president had complained of pain-sharing to employees. Chung, President from 29 am-house broadcasting 'wage return, etc. knowing your not an easy task in the individual and Sincerely appeal to the employees, saying, "The outer told the pain shared by the creditors, banks, sachaegwonja Daewoo Shipbuilding Marine Engineering jeongjak parties say the accused ignored the pain shared, we must conduct ourselves sharing the pain first, "he said.
He added 'I'll ever since I returned to full salary', saying 'the time given to us is not much, but now you can not hesitate any decision, he added. The following is a specialized appeal.
To respect your employees!
Greetings from CEO jeongseongrip. Today directly to explain the situation of the company with a heavy heart, and I would like the word of one gangok favor.
Major shareholders and creditors announced additional support measures for our company in the last 23 days. Eventually could keep receiving support in October 2015, 4.2 trillion won was promised a management normalization. Again with open hands company and our employees feel a great responsibility as the situation is under criticism from the people that President liquidity crisis and, sorry to say first of all.
Now I will tell briefly the cause of the difficulties we are experiencing. The company is expected to run out of funds this year, up to 3 trillion.
Mere orders 2016 year is $ 1.5 billion drillship completing the already dry lacked without advance payment jaws are heavy tail agreements India has no payment majority did the money come in ships being built this year, more than 60% of the contract amount vessels upon delivery In the collection point to the cost disparity is funding shortage is dry. Corporate bond repayment due to be here in the beginning of April we also provide another source of funding shortages. Hopefully, lack of funds has increased while the ship until September while India is expected to start to decline gradually will to balance by the end of next year.
Now the crisis we are facing is the other side and 2015. Yeotdamyeon receive support during the 4.2 trillion won in 2015, the company itself is insolvent problem now is that the short-term liquidity problems are the main causes. That is, if only the hump Parry fulfill the self-rescue plan we have already committed our company will be reduced in size by converting surplus, but re-emerged as a solid company.
This time, the majority shareholder and creditors prerequisites of the plan and 2.9 trillion won in additional support is lost share of all stakeholders, including our own. If either side does not accept any risk-sharing does not meet the prerequisites for additional support creditors it has announced the immediate promotion P Plan.
P plan is basically the same as the court. P If the plan is compulsory and high-strength structural adjustment more personnel, equipment, etc. are reduced when running forward.
It will be a situation you do not know the viability of building contract cancellations company. Now, before requesting a loss share of external stakeholders, citizens are not involved we make any decision. If this additional support achieved, we look for companies can be reborn as a small but fruitful company debt ratio is significantly improved by more than 300% of that surplus through profitable competitive LNG line dry in special ships.
I threw a buzzword that earlier this year, "is now hope." Now is the last chance to move in the hope to get out of the dark tunnel. To do this, we all need to be prepared for Bloody Tie.
The major shareholders and creditors is required of us let's thorough implementation of the additional pain-sharing plan. This includes non-industrial, non-persistent dispute, employees pay 10% of the total labor cost reduction of 25% including a return. Not just require demanding a commitment and practice.
Wage return, etc. You know that's not an easy task for an individual. So Sincerely appeal to your employees.
The hippos eating outside as our taxpayers' money. Creditors, commercial banks, while sachaegwonja for me to share the pain jeongjak parties, we say that it ignored the pain sharing. That's why we first move himself.
Will ever prior to solicit additional painful contribution to the employees return to full salary from me. This seogetseupnida lead to a liquidity crisis and financial restructuring.
Time is given to us not much. Now, you can not hesitate any decision. I hope earnestly to be concluded as soon as possible this situation, thank you once again that we together embark on the painful division.
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