Daewoo Shipbuilding and Marine Engineering Agrees to Restructure Plan

Kyung Ho Kim, Oct. 27, 2015, 8:28 a.m.

Daewoo Shipbuilding and Marine Engineering has agreed to restructuring plans in hopes of saving the company. The chairman of the troubled company's labor union announced Monday night that its members decided to submit an official agreement to creditors. He said the union had no choice in order to spare the jobs of tens of thousands of employees.

Daewoo, Korea's second-largest shipbuilder, suffered an operating loss of billions of dollars due to canceled orders and rising costs. Restructuring efforts are expected to include selling assets and cutting back executive positions.

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