South Korea’s top three shipbuilding companies are moving to produce self-rescue plans after the government demanded they cut jobs and present the self-rescue measures.
 
Daewoo Shipbuilding and Marine Engineering decided to conduct comprehensive inspections of its manpower, wage system, facilities and productivity by the end of next month.
 
Creditors of Daewoo Shipbuilding, which decided to provide four-point-two trillion won of liquidity for the debt-ridden shipbuilder last year, plans to decide if the firm needs additional funding after assessing the firm’s management conditions.
 
Hyundai Heavy Industries and Samsung Heavy Industries also plan to produce self-rescue plans through consultations with their main creditors. The two shipbuilders sold off assets and properties last year and slashed more than 15-hundred employees in an effort to reduce debts and normalize operations.