The appeal is dismissed.

The costs of appeal are assessed against the Defendant (Counterclaim Plaintiff) including the part resulting from participation in the appeal.

The grounds of appeal are examined.

1. The facts found by the court below are as follows. A.

A Co., Ltd. (hereinafter referred to as “A”) as a shipbuilding company entered into a shipbuilding contract with the Co-Defendant B (hereinafter referred to as “B”) for each of the instant vessels.

The Plaintiff-Counterclaim Defendant’s Intervenor issued a letter of advance refund guarantee (R/G) to each of the instant vessels.

The Defendant (Counterclaim Plaintiff; hereinafter “Defendant”) entered into a loan agreement with respect to the first installment of the shipbuilding agreement between B and the instant vessel (US$ 2500,000,000) and the collateral transfer agreement, and was given the authority to exercise the rights of B arising from each shipbuilding agreement of the instant vessel as an independent position.

B. B paid only the first installment and planned to transfer each of the instant shipbuilding contracts in physical color with the acquirer, and A and the Defendant had been well aware of these circumstances.

However, since the financial crisis started from the second half of 2008, as the number of ship owners decreased and the transferee was not found, B was faced with difficulties in raising funds, A and B entered into an amendment agreement to adjust the purchase price and the date of delivery on November 10, 2009.

C. On December 28, 2009, immediately after the above amendment agreement was concluded, the creditor financial institutions’ joint management procedures under the former Corporate Restructuring Promotion Act (hereinafter “Workout”) began.

In the work-out process, it excluded the construction of each of the instant vessels on the ground that B suffers difficulties in raising funds. D.

A, on May 3, 2010, the schedule for each of the instant vessels was established, and the plan was maintained until July 1, 2010, and prepared for the construction of each of the instant vessels, but notified on May 7, 2010 that some of the material supply contracts entered into for the construction of each of the instant vessels was revoked.