South Korea announced Thursday a fresh capital injection for Daewoo Shipbuilding & Marine Engineering Co., seeking to prevent the world's second-largest shipbuilder from defaulting on its debts. "Without additional measures, Daewoo Shipbuilding will go bankrupt and its bankruptcy will be inevitable," it said in the statement. Daewoo received 4.2 trillion won from the government in 2015 and another 2.8 trillion won in November to shore up its capital. Those moves triggered debates over whether the government should save Daewoo Shipbuilding, while letting Hanjin Shipping, South Korea's largest ship liner, go bankrupt. South Korea, home to the world's three largest shipyards, took the brunt of the downturn.

Source: ABC News March 23, 2017 05:15 UTC