Creditors undecided on refund guarantee for Daewoo ' s latest deal SEOUL , April 5 ( Yonhap ) -- Creditors of Daewoo Shipbuilding & Marine Engineering Co . , a troubled shipbuilder here , remain undecided over a refund guarantee for the shipyard ' s latest deal , further complicating troubles for one of the country ' s major shipyards , industry sources said Wednesday . Earlier this week , Daewoo Shipbuilding clinched a US $ 250 million deal to build three very large crude carriers ( VLCCs ) . Under the deal with Maran Tankers Management , a unit of Greece ' s largest shipper , Angelicoussis Shipping Group , Daewoo Shipbuilding will deliver the 318 , 000 - ton VLCCs by 2018 . The deal came as the shipyard is suffering from a sharp decline in new orders amid a protracted industry - wide slump . According to the sources , Daewoo Shipbuilding ' s creditors may decide who will issue the refund guarantee for the shipyard as its corporate bondholders are set to hold a meeting on April 17 over whether to accept a massive debt rescheduling scheme for the embattled shipyard . Last month , the creditors , led by state - run Korea Development Bank , announced a fresh rescue package worth 6 . 7 trillion won for the ailing shipbuilder , but only if all stakeholders agree to a debt - for - equity swap plan . The huge rescue measures represent the second round of bailouts for the shipbuilder that has been suffering from severe liquidity problems over heavy losses in its offshore projects . A refund guarantee issued by a shipyard ' s bank is important for a ship owner when ordering a new vessel . If the shipyard defaults , the bank ' s refund guarantee provides the ship owner with the money already paid . Without a refund guarantee , winning a new deal is almost impossible for a shipyard . South Korean shipbuilders have been under severe financial strain since the 2008 global economic crisis , which sent new orders tumbling amid a glut of vessels and tougher competition from Chinese rivals . " After the bondholders meeting , the creditors may decide ( on the refund guarantee for Daewoo Shipbuilding ) , " said a source . The KDB has issued 4 trillion won in refund guarantees , and the Export - Import Bank of Korea , another policy lender , has put up over 8 trillion won in refund guarantees for local shipyards . sam @ yna . co . kr ( END )