Kumho Asiana’s restructuring process should speed up after negotiations between Korea Development Bank (KDB) and holders of put-back options in Daewoo E&C are finalized.
According to a report in Money Today, an unidentified insider at KDB was cited as saying that the bank is expecting to receive agreements from the option holders by today (March 8th).
The report cited an unnamed insider at a financial institution which has a put-back option for a 5.61% stake portion in Daewoo E&C as saying his company would agree.
After KDB receives agreements from all option holders, the state-run bank will carry on the acquisition process for Daewoo E&C, and consequently the restructuring of Kumho Asiana Group will be shaped, the report said.
As previously reported, state-run KDB said it would acquire a Daewoo E&C stake from Kumho Asiana after Kumho entered into a debt restructuring program. The bank had been engaged in negotiations with the option holders in Daewoo E&C regarding their options to put back equity stakes, which they acquired when they helped finance Kumho Industrial s acquisition of Daewoo E&C in 2006.
See last week’s post -’KDB revises offer to holders of Daewoo E&C put-back options‘ for more information, and links to previous stories.
(Source: Money Today)
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