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DSME gets nod from bondholders for debt restructuring
Wednesday, April 19, 2017, 18:19:18 Paul Yoon ckyoon7@paran.com
DSME has got an approval for its debt restructuring plan (DRP) over the five rounds of its bondholders’ (BH) meeting held on Apr.17 and18. As a result, DSME will receive a fresh aid of 2.9 trillion won from KDB and Korea Eximbank, avoiding a court’s receivership.

Its DRP has smoothly passed its three BH meetings held on Apr. 17, the first through third one. The first BH meeting held at DSME’s Seoul office has dealt with its company bonds worth 300 billion won maturing next July.

The first BH meeting was attended by BH worth 240.35876b won, 80% of its total bonds worth 300b won. 99.99% of the BH attendees have approved the DRP with only the BH worth 11.63 million won in rejection. The BH absentees were valued for about 60b won and were treated as abstainees. BH, who attended the first BH meeting in favor for and against it, were tallied at 22 people as a total including those represented in writing.

At the second BH meeting held at 1400hrs in the same day, DSME’s DRP has been approved in 20 minutes, with its DRP more likely to be approved over five rounds of BH meeting as a whole. The second BH meeting was attended by BH worth 180.24b won out of 200b won maturing in next November. 98.99% of the BH attendees valued for 178.2912b won were in favor of the DRP and the only 1.8b won against it. Those creditors who have already expressed their willingness in favor are NPS (National Pension Service), Korea Post, and TP (Teachers’ Pension).

NPS, which holds DSME’s bonds of 390b won, has nodded to its rescheduling at an investment committee meeting, filing the agreed rescheduling with the BH meeting and reportedly saying that it would not attend the BH meeting. The total attendees in the second BH meeting were tallied at 32.

The BH worth 356.05196b won, which accounts for 80.92% of the BH representing 440b won worth maturing in April this month, took part in the third BH meeting held at 1700hrs in the same day. BH worth 343.1849b won represented 96.37% of the total attendees in the day who voted in favor. The rejection ended up for value of 12.34347b won. The third BH meeting took place, taking two hours and twenty minutes to hold a question-answer session with 50 private investor attendees.

At the 4th and 5th BH meeting on Apr. 18, DSME’s DRP was approved at a high rate in favor. The 4th BH meeting took place at 1,000hrs in the day to deal with the shipbuilder’s bonds worth 60b won maturing in April 2019. BH worth 52.8762b won representing 87.48% of the 60b won attended the meeting. 99.93% of the BH attendees worth 52.45045b won approved the rescheduling of its bonds.

Finally, the 5th BH meeting was attended by BH worth 273.49097b won accounting for 76.14% of BH worth 350b won. 99.61% of the BH attendees nodded to the rescheduling.

In conclusion, five rounds of DSME’s BH meeting have smoothly passed its DRP valued for 1.35t won in total for its bonds maturing by April 2019. 50% of the debt will be swapped for equity with the other 50% to be rescheduled.
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