SLS restructuring underway

Korea's SLS Shipbuilding recently revealed that it signed an agreement with its creditors group on April 30th to carry out management normalization plan. 

Under the agreement, the Korea Export Insurance Corporation will become the largest shareholder in the shipbuilder through conversion of investment. 

Also, the deadline of debt repayment was extended until December 31st 2012. An official from SLS said, "With the management normalization plan, we will try our utmost to be reborn as a blue-chip company through self-saving efforts such as cost reduction, salary cut, etc." 

The shipbuilder had applied for a debt workout in December last year and a due diligence was conducted by creditors group for two months since mid-January.
SLS has been rocked by many cancellations, one as a recent as this week.