Daewoo Shipbuilding & Marine Engineering on Thursday denied swirling market speculations that it could be acquired by its rival Samsung Heavy Industries.
“We are seeking ways to survive through additional self-rescue plans,” said the company’s spokesperson.
“The creditors have not reviewed the plans for the normalization by selling the firm to Samsung Heavy Industries.”
The remark came after multiple local reports that DSME’s creditors would review the sales to Samsung Heavy in August after Mckinsey publishes a report on the big three shipbuilders.
Samsung Heavy also said it has no willingness to buy the struggling firm. “It is not possible to review buying another firm since our company is already struggling from the restructuring,” an official said.
Meanwhile, Lee Dong-gul, the chairman of the Korea Development Bank, a main creditor bank of DSME, said he is confident about its plan to normalize DSME’s operations.
“We still have contingency plans if there are no orders over the next three to four years,” he told lawmakers at the National Assembly.
By Shin Ji-hye (shinjh@heraldcorp.com)