The National Pension Service(NPS) has agreed to Daewoo Shipbuilding and Marine Engineering’s(DSME) voluntary debt rescheduling program.
 
The state pension fund's investment committee reached the decision at a meeting Sunday night.
 
While agreeing to the deal proposed by financial authorities and the DSME’s main creditor, Korea Development Bank(KDB), the pension fund said the decision represents its subscribers' financial gains. 
 
It concluded the debt rescheduling program is a better option than placing the cash-strapped shipbuilder under court receivership.
 
The NPS holds 388-point-seven billion won, or 340-point-seven million U.S. dollars worth of DSME bonds, which account for around 30 percent of the bonds issued by the shipbuilder.