Creditors of South Korea’s Daewoo Electronics have pushed back signing the electronic appliances maker’s sale agreement, following a request from preferred bidder Entekhab Industrial Group, reported Money Today.
The report, citing industry sources, claimed Iran-based Entekhab made the request as it likely needs more time to fine-tune terms of the deal.
A 57.4% majority stake in the South Korean company is held by the state-run Korea Asset Management Company (KAMCO), while three creditor banks – Korea Exchange Bank (KEB), Shinhan Bank and Woori Bank – own a total of 17.9%. Woori Bank is acting as the lead negotiator on the sell side.
Entekhab offered KRW 570bn (USD 470m), according to local media reports.
Source: Money Today (translated)
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