South Korea’s Hanwha Group has entered last-ditch talks with lenders and creditors to salvage its planned $4.5bn acquisition of Daewoo Shipbuilding & Marine Engineering, the world’s third-largest shipbuilder.

The domestic conglomerate was last October chosen by creditors, led by state-backed Korea Development Bank (KDB), as the buyer of a controlling 50.4 per cent stake in Daewoo.