Dae­woo warns of ‘builder’s default’

New Straits Times - - Business -

SEOUL: Dae­woo Ship­build­ing & Marine Engi­neer­ing Co Ltd ex­pects to re­ceive con­sid­er­able num­ber of calls from shipown­ers for “builder’s default” if it goes into court re­ceiver­ship, said chief ex­ec­u­tive of­fi­cer Jung Sung-leep yes­ter­day. Shipown­ers can call builder’s default, which is can­celling ex­ist­ing or­ders for ships, in the event of a ship­yard en­ter­ing court re­ceiver­ship. State banks on Thurs­day said they were pre­par­ing a US$2.6 bil­lion (RM11.5 bil­lion) bailout for Dae­woo Ship­build­ing. Agen­cies

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