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Hyundai Heavy Inks Temporary Deal to Take Over Rival Daewoo Shipbuilding

Hyundai Heavy Inks Temporary Deal to Take Over Rival Daewoo Shipbuilding

SEOUL, Jan. 31 (Korea Bizwire) — The state-run Korea Development Bank said Thursday that it has signed a temporary memorandum of understanding (MOU) with Hyundai Heavy Industries Co., the world’s largest shipbuilder by sales, to sell its controlling stake in rival Daewoo Shipbuilding & Marine Engineering Co. On Wednesday, Hyundai Heavy expressed its intent to [...]

Korea Development Bank Issues Green Bonds

Korea Development Bank Issues Green Bonds

SEJONG, May 30 (Korea Bizwire) — According to the Ministry of Strategy and Finance, the Korea Development Bank issued green bonds to domestic institutional investors yesterday. The total amount of bonds issued was 300 billion won and the coupon rate stood at 2.53 percent. Maturity is three years. Green bonds are special-purpose bonds with use [...]

State-Run Creditor Accepts STX Offshore’s Self-Rescue Plan

State-Run Creditor Accepts STX Offshore’s Self-Rescue Plan

SEOUL, April 11 (Korea Bizwire) – The state-run Korea Development Bank (KDB), the main creditor of STX Offshore & Shipbuilding Co., said Wednesday it has accepted the troubled shipyard’s self-rescue plan, withdrawing its plan to put the mid-sized shipbuilder under court receivership. The decision came a day after the management and labor union of STX Offshore reached a last-minute deal on restructuring measures. STX Offshore, once the world’s [...]

Kumho Tire Could Survive If Stakeholders Share Pain, KDB Chief Says

Kumho Tire Could Survive If Stakeholders Share Pain, KDB Chief Says

SEOUL, Sept. 20 (Korea Bizwire) - Kumho Tire Co. could survive if stakeholders of the beleaguered tiremaker agree to share the pain, the new head of the tiremaker’s top creditor bank said Wednesday, voicing an upbeat note about the tiremaker going forward. Lee Dong-gull, new governor of the state-run Korea Development Bank (KDB), however, told reporters that it was too early [...]

Kumho Asiana Chief Offers Revised Proposal in Brand Dispute Over Kumho Tire

Kumho Asiana Chief Offers Revised Proposal in Brand Dispute Over Kumho Tire

SEOUL, Aug. 30 (Korea Bizwire) — The chairman of Kumho Asiana Group, parent of Kumho Tire Co., on Wednesday submitted a revised proposal to creditors over the use of the tiremaker’s brand, an industry source said Wednesday. The revised proposal by Kumho Asiana Chairman Park Sam-koo came as the creditors, led by state-run Korea Development [...]