SEOUL, May 12 (Korea Bizwire) — The chief of South Korea’s state-run utility Korea Electric Power Corp. (KEPCO) offered to step down Friday, taking responsibility for snowballing losses, as the company announced a set of self-rescue measures meant to address financial woes caused mainly by limited hikes in electricity rates. KEPCO President and CEO Cheong [...]
SEOUL, Dec. 31 (Korea Bizwire) — Cash-strapped Doosan Heavy Industries & Construction Co. has improved its financial health this year by selling new shares and assets and receiving financial help from its holding company Doosan Corp. and key shareholders, a local rating appraiser said Thursday. “Doosan Heavy has been improving its financial status and reducing [...]
SEOUL, May 3 (Korea Bizwire) — Korean Air Lines Co., the country’s top flag carrier, will draw up a 1.5 trillion won (US$1.23 billion) self-rescue plan, including a 1 trillion won stock offering, this month in return for massive financial support from two state lenders, industry sources said Sunday. Last month, the Korea Development Bank [...]
SEOUL, May 3 (Korea Bizwire) — Embattled Doosan Heavy Industries & Construction Co. is under growing pressure to sell more assets in return for aid from its creditors, industry sources said Sunday. Last week, parent Doosan Group submitted Doosan Heavy’s final self-rescue plans, worth more than 3 trillion won (US$2.45 billion), to the creditors led [...]
SEOUL, April 13 (Korea Bizwire) — The cash-strapped South Korean conglomerate Doosan Group announced Monday it has submitted a self-rescue plan to its creditors, apparently including selling of an affiliate and pay cuts for executives. Doosan Group has been struggling to normalize troubled affiliate Doosan Heavy Industries & Construction Co. Last month, Doosan Heavy opened [...]