TR America Consortium will submit a deposit for acquisition talks over Daewoo Engineering and Construction (Daewoo E&C), reported Money Today.
The report cited Chairman of the consortium, Moon Jung Min, as saying that the members have reached a consensus that they would need to pay the deposit to enter acquisition talks with Korea Development Bank.
The report noted the 5% deposit could be as much as KRW 170bn (USD 148m).
As reported, Korea Development Bank, the lead creditor of Kumho Asiana Group, has requested the consortium to submit a deposit as proof it was committed to the acquisition.
See previous post ‘Daewoo E&C Update: TR consortium given a “show me the money” for context, or see here for all stories on the Daewoo E&C sale.
(Source: Money Today)
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