Takeover of Daewoo Shipbuilding delayed

South Korea’s state-run Korea Development Bank said Sunday it can delay a deal to sell Daewoo Shipbuilding & Marine Engineering to Hanwha Group by one month.

Yonhap News Agency reported Hanwha signed a deal in November with KDB to buy a 50.37 percent stake in the world’s No. 3 shipbuilder for an estimated $4.6 billion.

Full payment for the shares was to be made by late March, but amid a cash crunch Hanwha has asked Korea Development Bank to extend the payment deadline or accept payment in installments.

In return for the payment delay, KDB requested that Hanwha try to raise money by selling its own assets.

But if the Hanwha consortium asks KDB to buy part of the conglomerate’s assets at reasonable prices and conditions, KDB could consider cooperating in Hanwha’s efforts to raise funds, the bank said.

The consortium consists of Hanwha Group., Hanwha Chemical Corp. and Hanwha Engineering & Construction Corp.