Korean shipyard Sungdong Shipbuilding & Marine Engineering's creditors have finally agreed to provide refund guarantee (RG) for its 10 livestock carriers won in May of 2012, announced the Export-Import Bank of Korea on July 12.
Sungdong also signed a modified contract with the Malaysian owner PBHH for postponing delivery by two months each on the average.
The creditor group plans to provide RG within a couple of weeks.
Also, creditors will proceed with Sungdong's normalization measures set up at the end of 2011, including conversion of investment, capital reduction, etc.