Daewoo Motors

S.Korea Throws Shipbuilder Daewoo New $6 Bn Lifeline

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South Korea offered troubled Daewoo Shipbuilding & Marine Co. a new $6 billion bailout on Thursday, as the giant firm’s financial crisis worsens. Daewoo is the world’s largest shipyard in terms of its order book and was previously given a 4.2 trillion won ($3.8 billion) aid package in 2015. It is majority-owned by state-owned banks. … Read more

South Korea To Create State-Backed Ship Financing Company

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South Korea said on Monday it plans to establish a state-backed ship financing company with an initial capital of 1 trillion won ($871.73 million) to help improve the financial health of Korean shipping companies. The government would provide financing of 6.5 trillion won ($5.67 billion) in total so that local shipping firms could acquire new … Read more