Daewoo plans sale of assets

Article Abstract:

Daewoo Group has announced its plans to sell a major portion of its assets consisting of 34 affiliates. Daewoo Heavy Industries Ltd, its largest division, is rumored to be offered to Mitsui Engineering and Shipbuilding Co of Japan. Daewoo is also negotiating with Scania AB over the sale of Daewoo Motor Co's truck, bus and large-engine operations. Other stakes that Daewoo is planning to sell are two Hilton hotels and several telecommunications subsidiaries. Most of the 9.14 trillion won that Daewoo hopes to raise will be used to pay its debts.

United States, Asset sales & divestitures, Acquisitions & mergers, Mergers, acquisitions and divestments

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Korean creditors take further action on Daewoo

Article Abstract:

Daewoo Group's creditors have decided to place 12 of the company's 25 affiliates under a debt-restructuring program. The firm, South Korea's second-biggest conglomerate, owes its creditors a total of $47 billion. Under the terms of the restructuring, payments due on the debts of the 12 affiliates will be frozen for three months. Creditors are expected to come up with a restructuring plan within that time that could include debt for equity swaps, extended deadlines and debt forgiveness.

Financial management, Finance

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