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Korea Exim News

Korea Eximbank and Korea Development Bank to Provide Additional KRW 1.2 trillion to Doosan Heavy Industries & Construction

Date 2020.06.01 View 16903

The Export-Import Bank of Korea and Korea Development Bank (collectively “creditors”) announced that they have finalized a management normalization plan for Doosan Heavy Industries & Construction and decided to provide an additional KRW 1.2 trillion for the cash-strapped company.

 

Prior to this move, the creditors have supported KRW 1.8 trillion to the power equipment maker in consideration of a financial market crunch sparked by the new coronavirus crisis, a necessity to protect one of the key industries in the nation, and the direction of the financial structure improvement plan submitted by Doosan Group.

 

After a comprehensive review of the feasibility of the plan, the creditors decided to extend an additional support of KRW 1.2 trillion needed to normalize its business.

 

With the management normalization plan carried out for the company, the financial structure of Doosan Heavy Industries & Construction is expected to improve in the future. The creditors will thoroughly check and manage whether the measures are implemented as planned.