[Alpha Biz=(Chicago) Reporter Paul Lee] Creditors accepted the rehabilitation plan of Daewoo Shipbuilding & Marine Engineering & Construction, which is undergoing corporate rehabilitation procedures through the court.

The Seoul Rehabilitation Court said the rehabilitation plan was approved at a rally of creditors of Daewoo Shipbuilding & Marine Engineering & Construction held on the 17th.

If the rehabilitation plan is approved at the creditors' meeting, the court will review whether to approve it.

The court will soon announce the content after making a decision to approve the rehabilitation plan.

Daewoo Shipbuilding & Marine Engineering applied for corporate rehabilitation procedures in December last year and was decided to start rehabilitation in February this year.

In April, Kim Yong-bin, chairman of Daewoo Shipbuilding & Marine Engineering Co., was put on trial on charges of taking unfair profits from false disclosures and buying worthless shares at high prices or buying luxury goods with company money. On the other hand, the company entered the rehabilitation process without paying the wages and severance pay of its employees.

 

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