The government and creditors decided to provide two-point-nine trillion won of fresh funds to troubled Daewoo Shipbuilding and Marine Engineering with the condition of debt rescheduling.
 
The bailout plan was announced on Thursday as the government and creditors plan to require commercial banks and debt holders to voluntarily reschedule their debt. 

However, a prepackaged rehabilitation plan, which is a type of court receivership, will be pursued if an agreement isn't reached.
 
The government and creditors explained that if Daewoo goes bankrupt, some one-thousand-300 subcontractors may go under, leading to a loss of around 50-thousand jobs. They said the additional funding is inevitable as such bankruptcies would lead to a massive loss for the nation's economy.