Daewoo Up for Sale

15 November 2009 (Last Updated November 15th, 2009 18:30)

The Korea Development Bank (KDB) plans to resume the sale of Daewoo Shipbuilding & Marine Engineering in 2010, the company CEO has announced. The main creditor of Daewoo Shipbuilding plans to sell the world's third-largest shipyard after selecting an adviser for the sale.

The Korea Development Bank (KDB) plans to resume the sale of Daewoo Shipbuilding & Marine Engineering in 2010, the company CEO has announced.

The main creditor of Daewoo Shipbuilding plans to sell the world’s third-largest shipyard after selecting an adviser for the sale.

Korea Development Bank CEO Min Euoo-sung said a stake in the shipbuilder will be sold as soon as possible.

The state-run KDB and the Korea Asset Management hold a combined 50.4% stake in Daewoo Shipbuilding after swapping debt for equity in December 2000.

In January, KDB terminated an estimated over KRW6tn deal with Hanwha Group for Daewoo Shipbuilding.