AsiaFinance and InsuranceShipyards
DSME to issue new shares
Daewoo Shipbuilding & Marine Engineering (DSME) is planning to issue KRW600bn ($507m) in new shares this year in a bid to improve liquidity, according to its main creditor, Korea Development Bank (KDB).
KDB said last year it would inject KRW4.2trn in new capital to the yard which has posted massive losses in the past 18 months putting its consolidated debt ratio at a staggering 4,300%.
DSME said last week 12,000 employees would be cut from its payroll as it pushes through significant restructuring.