KDB to examine STX self-rescue plan

South Korea's STX Offshore and Shipbuilding is hoping it can stave off court receivership after reaching a self-rescue agreement with its labor union.
The company submitted its plan late last night, several hours past the deadline, and its main creditor Korea Development Bank announced on Tuesday that it will examine the plan and soon decide whether to accept it.
However, the restructuring included in the self-help plan does not meet KDB's requirements to reduce blue collar labor costs by 75 percent.
STX says it has come up with ways to reduce labor costs while avoiding redundancies, such as by reducing bonuses and expanding unpaid leave.
If KDB rejects the plan, STX will enter into court receivership.