The lucky winner of the $2,600,000,000 door prize is ... Daewoo Shipbuilding & Marine Engineering Co.!
- Korea Development Bank and Export-Import Bank of Korea will provide 2.9 trillion won ($2.6 billion) in additional loans
- And swap about 1.6 trillion won of debt to equity
- Conditional upon other creditors and bondholders agreeing to convert as much as 80 percent of their debt to equity and extend maturities by as much as five years
--
more at Reuters
and Bloomberg