Time Running Out for World’s Top Shipbuilder as Creditors Argue
- Korean National Pension Service holds key to Daewoo survival
- World’s biggest shipbuilder has losses and no cash for bonds
Ships sit moored under construction at the Daewoo Shipbuilding & Marine Engineering shipyard in Geoje, South Korea.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
South Korea’s National Pension Service has a decision to make -- help the world’s biggest shipmaker survive, or let it die.
Creditors to Daewoo Shipbuilding & Marine Engineering Co. are due to meet next week to decide whether to convert some of the 1.55 trillion won ($1.4 billion) of bonds into equity to help the unprofitable company. Tipping the scale will be the decision of NPS, the biggest holder of debt that matures this month.