Lead managers handling the sale of Daewoo Electronics will receiv...
Lead managers handling the sale of Daewoo Electronics will receive preliminary bids for the CE and appliance maker April 5-20, in a deal reportedly worth up to $1 billion. A Chinese appliance manufacturer and India’s Videocon are expected to…
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submit bids. Potential bidders must submit letters and confidentiality agreements to lead managers ABM Amro, Woori Investment & Securities and Samil PricewaterhouseCoopers by the deadline, according to an ad in the Korea Economic Daily on Tues. Domestic creditors, which own 97% of Daewoo, are seeking to have final agreement in place by Sept., Reuters reported, quoting sources. They aim to sign a final contract by the end of September, a source at a creditor bank said on Tues. S. Korean lenders are selling stakes in once-troubled companies that they bailed out in the aftermath of the 1997-98 Asian financial crisis. Daewoo Electronics was placed under debt rescheduling led by creditors along with its affiliates after the parent group went bankrupt in 1999, carrying $80 billion in debt. The company swung to a $96.9 million net loss in 2005 from a $31.5 million net profit in 2004, Daewoo said, as a stronger won put pressure on its export-led business. Sales totaled $2.24 billion in 2005. It had $1.71 billion in assets at the end of 2005, including 6 plants in S. Korea and 18 overseas.