SEOUL, Aug. 30 (Korea Bizwire) — The chairman of Kumho Asiana Group, parent of Kumho Tire Co., on Wednesday submitted a revised proposal to creditors over the use of the tiremaker’s brand, an industry source said Wednesday. The revised proposal by Kumho Asiana Chairman Park Sam-koo came as the creditors, led by state-run Korea Development [...]
SEOUL, Apr. 28 (Korea Bizwire) — Daewoo Shipbuilding & Marine Engineering Co., a troubled shipbuilder here, said Thursday that it swung to the black in the first quarter of the year from a year earlier, largely thanks to cost-cutting measures. Net profit reached 261 billion won (US$230 million) in the January-March period, compared to a [...]
TONGYEONG, Apr. 27 (Korea Bizwire) — The Tongyeong municipal government said Wednesday it will build a complex of cultural and tourism facilities and a park on the site of a bankrupt shipyard in the port city. ShinaSB has been under court receivership since last year as it was riddled with 1.84 trillion won (US$1.6 billion) [...]
SEOUL, Sept. 22 (Korea Bizwire) – The state-run Korea Development Bank, the main creditor of the cash-strapped Hanjin Shipping Co., is considering loaning some 50 billion won (US$45.4 million) to help the ailing shipper unload its cargo, industry sources said Thursday. According to the sources, the KDB will finalize the loan extension this week to [...]
SEOUL, March 24 (Korea Bizwire) – Embattled shipper Hyundai Merchant Marine Co. is faced with a series of hurdles toward its normalization as some of its creditors oppose extending part of its maturing debts and its efforts to cut rates paid to the owners of chartered ships made little progress, industry sources said Thursday. According to [...]
SEOUL, March 21 (Korea Bizwire) - Mirae Asset Securities Co. is considering joining a bid to take over Hyundai Securities, industry sources said Sunday. Emboldened by the acquisition of Daewoo Securities from Korea Development Bank, Mirae may join hands with LK Investment Partners, a local private equity fund (PEF). If realized, it would jolt the competition that has [...]
SEOUL, Oct. 23 (Korea Bizwire) – As financial authorities and creditors have held off a plan to support the normalization of Daewoo Shipbuilding & Marine Engineering, the union from the Korea Development Bank (KDB) is pushing for a restructuring based on fundamentals. KDB’s union urged Daewoo to restructure even if the companies goes under legal [...]
SEOUL, Oct. 8 (Korea Bizwire) — South Korean securities companies are waging a fierce competition to take over KDB Daewoo Securities Co., one of the nation’s leading brokerages, in a deal that could come as a game changer for the industry. The Korea Development Bank (KDB), a state-run policy lender, is seeking to sell off [...]
SEOUL, Aug. 13 (Korea Bizwire) — South Korea’s top financial regulator will set up an entity that mainly deals with corporate restructuring later this year to put government-led workout programs in private hands, officials said Thursday. In a report submitted to the parliament, the Financial Services Commission (FSC) said it has inked a memorandum of [...]
SEOUL, Aug. 11 (Korea Bizwire) — South Korea’s two policy lenders have shouldered massive bad loans, estimated at 5.5 trillion won (US$4.75 billion), over the past five years, due to a series of collapses of big name companies during the economic slump, a report said Tuesday. The Korea Development Bank (KDB) and the Export-Import Bank of [...]