Submit banks DSME debt restructuring Letter of Commitment

[Korea Selected financial newspaper reporters] to submit the agreement that commercial banks have agreed to DSME debt restructuring this week.

According to the 11th creditor Shinhan Bank, NH Agricultural Bank and has decided to submit a Letter of Commitment agreeing to this day DSME debt restructuring for Daewoo Shipbuilding Industrial Bank shareholder and main creditor bank.

KB Kookmin · KEB, Woori Bank, etc. The remaining one commercial banks through such legal review announced plans to submit the agreement into this week.

Switch-owned commercial banks to 80% (5600 million) of 700 billion won of Daewoo Shipbuilding unsecured debt, and the remaining 20% ​​have accepted a request asking extend the maturity five years.

Also Daewoo Shipbuilding when new orders agreed before standing for 5 billion dollars of advance payment refund Guarantee (RG) than the Reserve Bank.

Daewoo Shipbuilding and unsecured debt equal to the Export-Import Bank of perpetual interest rates that commercial banks have also agreed repayment grace revised down to 1% from 3%.

To-equity swap shares were switched to receive redeemable preferred shares with no voting common shares instead.

However, banks have stated a 'conditional' that would have been the effect when the agreement is effective corporate bonds and commercial paper (CP) investors, debt restructuring is completed.

When coming 17 to 18 at any one time during a two-day open sachaegwonja rejected five times rally DSME will rush a pre-packaged plan (P Plan) that combines the court and workout.

Industrial Bank official predicted that "gotta have completed detailed discussion of such banks and debt restructuring, new RG issuing banks will be complete agreement of the week."

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