Daewoo Shipbuilding & Marine Engineering Construction Rehabilitation Plan Approved... Court to Decide Approval Soon
Creditors have accepted the rehabilitation plan of Daewoo Shipbuilding & Marine Engineering Construction, which is undergoing corporate rehabilitation procedures.
The Seoul Rehabilitation Court announced on the 17th that the rehabilitation plan was approved at the creditors' meeting of Daewoo Shipbuilding & Marine Engineering Construction held on the same day. The court will review whether to confirm the plan going forward. Once the confirmation decision is made, the court will announce it publicly.
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Daewoo Shipbuilding & Marine Engineering Construction filed for corporate rehabilitation procedures in December last year and received the commencement decision in February. In April, Kim Yong-bin, chairman of Daewoo Shipbuilding & Marine Engineering Construction, was prosecuted on charges of gaining unfair profits through false disclosures, purchasing worthless stocks at high prices with company funds, and buying luxury goods. The company entered rehabilitation procedures without being able to pay employees' wages and severance pay.
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