The NPS, which holds 390 billion won ($350.7 million) worth of Daewoo Shipbuilding's bonds, held a meeting Tuesday on whether to agree on the plan, but no decision was made.

KDB and another state-run creditor, the Export-Import Bank of Korea, announced last week a fresh rescue package worth 6.7 trillion won to the ailing shipbuilder but only if all stakeholders agree to the painful debt-for-equity swap plan.

The huge rescue measures represent the second round of bailouts for the shipbuilder that has been suffering severe liquidity problems over heavy losses in its offshore projects.

Under the rescue package, Daewoo Shipbuilding will receive new loans worth 2.9 trillion won, if lenders and bondholders agree to swap 2.9 trillion won of debt for new shares in the shipbuilder.

Unless they agree on the debt-for-equity swap plan, Daewoo Shipbuilding will be placed under a new corporate rehabilitation program, which is a combination of debt workout and court receivership, the creditors said.

During an annual shareholder meeting on Thursday, Daewoo Shipbuilding CEO Jung Sung-leep said the shipbuilder will strictly implement its own "bone-crushing" self-rescue measures "to survive."

"We aim to improve our financial structure by winning new orders and making a continuous profit," Chung told shareholders.

Analysts have raised questions about the latest rescue package for Daewoo Shipbuilding, citing the shipbuilder's fate that is tied with the global shipbuilding industry.

"Daewoo is struggling with a sharp drop in new orders, reflecting significant oversupply in the global shipping industry," an international ratings agency, Fitch Ratings, said in a statement this week.

"One creditor, the National Pension Fund, has already flagged legal concerns over accepting the bailout plan. It is likely that Daewoo would eventually require further support, even with the bailout, given the weak outlook for the shipbuilding sector," Fitch said.

Another international ratings agency, Moody's, also warned that the debt-to-equity swap is "credit negative" for KDB and Export-Import Bank of Korea because of the potential higher loss rate on equity than loans.

"If the restructuring is unsuccessful, the two banks will likely have higher losses on their converted equity stake in DSME than they otherwise would on their current outstanding loans to DSME," Moody's said in a statement. (Yonhap)