[
THE INVESTOR] Creditors of cash-strapped
Daewoo Shipbuilding & Marine Engineering have asked the labor union to submit a written pledge not to launch any strikes against restructuring moves, industry sources said on March 31.
The creditors, led by the state-run Korea Development Bank, demanded that the union present the written pledge by the end of next week. This is being seen as as leverage to pressure corporate bondholders and commercial lenders to join a 6.7 trillion won (US$5.98 billion) rescue package for the embattled shipbuilder, including a massive debt-for-equity swap and three year grace period on remaining debts.
Earlier, the labor union said that it is willing to accept a proposed pay cut for workers from the shipyard’s creditors.
By Alex Lee and newswires (
alexlee@heraldcorp.com)