`Court Receivership of Daewoo Corp. Possible'

Korea Times (Seoul, Korea), November 4, 1999 | Go to article overview

`Court Receivership of Daewoo Corp. Possible'


The government yesterday formally revealed that court receivership of Daewoo Corp., the trading and construction arm of Daewoo Business Group, could not be ruled out.

This is the first formal remark by the government about the possibility of court receivership of Daewoo Corp., which has a huge amount of debt.

The government is ready to investigate into false book closings and probable negligent supervision by the accounting firms of Daewoo as the net assets of 12 Daewoo affiliates put under workout or a forced debt trimming program are checked to be reduced by nearly 40 trillion won than the book value and some assets are found to be deleted from the book in fact-finding outcome.

In announcing the measures to stabilize the financial market, Finance and Economy Minister Kang Bong-kyun said, ``Debt sharing is too burdensome for financial institutions to normalize Daewoo Corp. Truly, it's difficult for both domestic and foreign creditors to reach a consensus on the details of the workout program as foreign creditors' share in Daewoo's debts is large.''

Kang said, ``If a consensus on the workout program is not induced from both domestic and foreign creditors, court receivership of Daewoo Corp. can not be ruled out.''

But the government is determined to draw up the final workout program through consultations with creditors corps based on the draft brought forth Tuesday, contentions of foreign creditors and outcome of close fact finding, Kang said.

The fact finding reveals that the financial statement of Daewoo Corp. …

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