Case study for Korea Inc.: nation's corporate mess is reflected by troubles at Jindo Group

Article Abstract:

South Korean conglomerate Jindo Group typifies the debt-ridden 'chaebol' and is being watched by economic observers for its rescue plan. Jindo president and founder Kim Young Jin has been working with creditors to prop up the conglomerate with an infusion of new capital. Seoulbank is planning to provide Jindo with a loan of 120 bil won in return for a 90% stake in the group's flagship Jindo Corp. The Asian financial crisis hit Jindo squarely, with its dollar-denominated debt swelling its debt-to-equity ratio to 17,000 in the first half of 1997, that has also caused an 80% drop in Jindo Corp's stock prices.

Diversified Companies, Management dynamics, Conglomerate corporations, Finance, Clothing industry, Jindo Corp.

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South Korean union may foil Hyundai pact

Article Abstract:

Hyundai Motor Co.'s union workers voted against an agreement between their leadership and Hyundai's management to layoff 277 workers. Up to 63.5% of the total 26,932 workers opposed the agreement. 34.7% voted for the deal. The rejection by the workers could be problematic for the agreement. The government of South Korea had stated that the deal was a successful example of labor reform.

Comment:

Co's union workers vote against agreement between their leadership and Hyundai's management to layoff 277 workers

Motor Vehicles & Parts, Transportation Equipment Manufacturing, Personnel administration, Hyundai Motor Company Ltd., Article

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