April 12, 2018 09:44
STX Offshore and Shipbuilding managed to escape court receivership after the state-run Korea Development Bank decided to accept its self-rescue plan on Wednesday.
The ailing shipbuilder initially failed to submit the plan by Monday's deadline but eventually reached an agreement with its labor union and narrowly handed it in on Tuesday night.
The plan includes ways to meet the creditor's requirement of reducing labor costs by 75 percent while avoiding redundancies, such as by slashing bonuses.
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