23-April-2024
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South Korea throws shipbuilder Daewoo new $6 billion lifeline
23-Mar-2017

South Korea offered troubled Daewoo Shipbuilding & Marine Co. a new $6 billion bailout on Thursday, as the giant firm's financial crisis worsens.Daewoo is the world's largest shipyard in terms of its order book and was previously given a 4.2 trillion won ($3.8 billion) aid package in 2015. It is majority-owned by state-owned banks. Previously it was a subsidiary of the now-defunct Daewoo Group, once the country's second-largest conglomerate but which collapsed in the 1990s.

News Source:- http://economictimes.indiatimes.com/news/international/business/south-korea-throws-shipbuilder-daewoo-new-6-billion-lifeline/articleshow/57788964.cms