National Pension Service to announce Sunday whether to accept rescue package proposed

The National Pension Service — the largest
bondholder of Daewoo Shipbuilding and Marine Engineering — will announce… whether it
will accept a rescue plan for the company proposed by state-run banks last month. The plan would give the world’s second largest
shipbuilder… new loans worth 2-point-6 billion dollars,… with a debt-for-equity swap for
lenders and bondholders… and a three-year grace period to repay the remaining debt. If this plan is rejected, Daewoo will be put
under a new form of court receivership… which may result in 50-thousand jobs lost
and massive cancellations of ships currently under construction. Bondholders including the NPS will meet on
Monday and Tuesday to make their final decision.

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