Anchor: The government established a control tower to carry out the corporate restructuring of struggling shipbuilders and shipping companies. At the inaugural corporate restructuring meeting, related ministers decided to create an eleven trillion won recapitalization fund to resource the project. 
Our Bae Joo-yon has more.
 
Report: Deputy Prime Minister and Finance Minister Yoo Il-ho and other related ministers got together at the Seoul Government Complex to discuss the restructuring of the nation's ailing industries.

At the inaugural corporate restructuring meeting on Wednesday, related ministers agreed to create a recapitalization fund worth eleven trillion won, or some nine-and-a-half billion U.S. dollars, by the end of this month to resource the project.
 
The Bank of Korea will provide a ten trillion won loan. Its financial risk will be minimized by the Korea Credit Guarantee Fund’s payment guarantees.
 
The government will also provide one trillion won by selling its shares of public corporations by September.
 
Amid criticisms of their mishandling of the indebted companies, creditors of the Korea Development Bank and the Export-Import Bank of Korea agreed to sell their subsidiaries to fund the project. 
 
Under the plans finalized at the meeting, the nation’s top three shipbuilders will liquidate their subsidiaries and lay off employees in a self-rescue plan worth over ten trillion won in total. While accepting the massive downsizing, the three shipbuilders will avoid mergers and acquisitions. 

Debt-stricken shipping companies will seek to normalize operations under the management of creditors, while replacing their board of directors with industry experts to regain competitiveness.

The government will announce its employment support measures ahead of large-scale layoffs among the ailing shipbuilders and shipping companies.
Bae Joo-yon, KBS World Radio News.