KDB to seek help in buying Daewoo
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KDB to seek help in buying DaewooKDB to seek help in buying DaewooThe state-run Korea Development Bank is seeking #xa strategic partner to help take overDVD RipperDaewoo Engineering & Construction from its current owner, Kumho Asiana Group, which is desperately trying to sell Daewoo to solve a mounting cash crisis.Kumho, in need of cash due to its leveraged 2006 takeover of Daewoo E&C, announced last week it would put two of its subsidiaries into debt rescheduling and corporate restructuring led by its creditors, including KDB, and hand Daewoo Construction over to a private equity fund to be formed by the lender.According to sources at Kumho’s creditors and Seoul financial authorities, KDB hopes to team up with another company, possibly a builder, in the fund. The bank is expected to start its search beginning this month and will send letters of invitation to potential candidates, sources said.“We will come up with a blueprint on [how to take over] Daewoo Construction by the end of this month and send invitation letters,” said one KDB official who declined to be named. Another official indicatedDVD RipperDongkuk Steel or top local steelmaker Posco,Energy saving lamps, which also has a construction subsidiary, as possible partners.Officials at both companies said they would review any proposal KDB made. Kumho Asiana’s senior executives said last week that the group’s debt rescheduling agreement with creditors and other arrangements do not include any plan to buy back Daewoo Construction from KDB’s private equity fund in the future. But with KDB facing privatization, the traditional rescuer of precarious local companies is in no position to become Daewoo’s permanent owner.That means the company that partners with KDB to buy Daewoo from Kumho Asiana may eventually end up sole owner of the builder.Last week the conglomerate rocked the financial scene when it announced Kumho Industrial and Kumho Tire would enter creditor-led debt rescheduling, which entails painful restructuring. When the group bought Daewoo E&C for 6.4 trillion won ($5.5 billion) in 2006, Kumho invited several local financial companies#x to takeDVD Ripperpart as backers, buying Daewoo shares worth 3.5 trillion won for Kumho.相关的主题文章：
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