State emergency loan for Daehan Shipbuilding

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Seoul: Korea Development Bank (KDB) has given Daehan Shipbuilding another 40 billion won loan to help replenish its operating funds, a local newspaper reported last week. A consortium of banks led by KDB is discussing a separate plan to make an additional loan totaling 30 billion won available to the cash-strapped shipbuilder, the report added. Daehan is currently working on a capesize bulker newbuilding due for completion on May 15. But the report said that the work is behind schedule due to a lack of operating funds.  [02/03/09]