Creditors including San-eun and Su-eun provide Doosan Heavy Industries with emergency operating funds worth 1 trillion won
[Asia Economy Reporter Kangwook Cho] The creditor group, including the Korea Development Bank and the Export-Import Bank of Korea, has decided to provide Doosan Heavy Industries & Construction with an emergency operating fund of 1 trillion won due to liquidity shortages caused by the financial market tightening amid the COVID-19 pandemic.
On the 27th, the Korea Development Bank announced that, to stabilize Doosan Heavy Industries & Construction's management and the market, it will provide an emergency operating fund of 1 trillion won through the creditor group including the Korea Development Bank and the Export-Import Bank of Korea, on the condition of thorough pain-sharing, fulfillment of responsibilities, and self-help efforts by affiliated companies and major shareholders (Doosan Corporation).
The Korea Development Bank also plans to review the possibility of additional funding support as needed, depending on responsible self-help efforts by the Doosan Group.
On the same day, the Korea Development Bank reported the status of funding support for Doosan Heavy Industries & Construction at the Ministerial Meeting on Strengthening Industrial Competitiveness held in the morning. Afterwards, it held an emergency meeting of the creditor banks of Doosan Heavy Industries & Construction and explained that it requested voluntary participation in extending existing loans and providing emergency funds as part of joint support by the creditor group for the company's normalization.
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Doosan Heavy Industries & Construction plans to promptly conduct a management diagnosis and establish and implement plans for financial structure improvement and management normalization along with self-help efforts. Through this support, the creditor group aims to alleviate market concerns and manage the Doosan Group's normalization process without disruption in the future.
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