Creditors OK debt rescheduling plan for C&Heavy

SEOUL, Dec. 3 (Yonhap) -- Creditors of C&Heavy Industries Co., a shipbuilding
affiliate of South Korea's C&Group, said Wednesday they approved a plan to
reschedule debts owed by the shipbuilder.
The creditors, led by Woori Bank, said they would allow C&Heavy to defer its debt
repayment by Feb. 13 next year and conduct a due diligence to "normalize
operations" of the heavily-indebted shipbuilder.
However, the creditors didn't specify how the debts would be reorganized.
The move underscores the financial difficulties that smaller shipbuilders in
South Korea face in the shipbuilding industry as they are finding it increasingly
difficult to get new loans amid the global credit crisis.
C&Heavy had liabilities of 550.3 billion won (US$38.3 million) owed by 21 creditors.
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