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Seoul readies owner bailout plan

Seoul readies owner bailout plan

Seoul: Korea's financial regulator said yesterday local lenders are set to draw up measures to restructure ailing shipping companies by the end of this month, the latest in a series of bank-led moves to overhaul struggling sectors.
"The watchdog plans to advise local banks to draw up revamping measures for troubled shipping lines by the end of this month and to implement them promptly," the Financial Services Commission said in a report to the National Assembly.?Local banks are in the process of assessing the health of 37 owners, and the government plans to create a fund worth up to 4 trillion won ($3 billion) to purchase idle ships from local shipping companies in a bid to boost their sales and prevent them from being sold at discount prices. Local owners owe a combined 16 trillion won to the local financial sector.  [14/04/09]

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