March 24, 2017 / 6:09 AM / 5 months ago

Daewoo Shipbuilding sees order cancellations if enters court receivership

SEOUL, March 24 (Reuters) - South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd is expected to receive considerable calls from shipowners for "builder's default" if the company goes into court receivership, its CEO Jung Sung-leep said on Friday.

Shipowners can call builder's default, which is cancelling existing orders for ships, in the event of a shipyard entering court receivership.

South Korean state banks on Thursday said they were preparing a fresh $2.6 billion bailout for Daewoo Shipbuilding, which has built up huge losses from offshore projects and risks missing debt repayments. (Reporting by Joyce Lee; Editing by Himani Sarkar)

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