It has outlined a drastic series of measures, including asset sales, cost-cutting and a debt-to-equity swap, to make shipbuilding at its main Chinhae facility viable again.

The management has suggested a debt-for-equity swap, with creditors covering 92% of the company’s stock. The remaining 8% will be kept as cash on the condition that it will be kept away from creditors until 2022 at the earliest.

As