Creditors of South Korea's Daewoo Electronics said today they have chosen a consortium led by India's Videocon Industries as the preferred bidder for their controlling stake in the company.Daewoo Electronics, the country's third largest electronics manufacturer, is a former unit of the Daewoo Group which collapsed in 1999 with debts totalling $80 billion.A consortium consisting of Videocon and Ripplewood Holdings, a US private equity fund, reportedly offered $700 million for a 97.5% stake held by creditors that include Woori Bank and Korea Asset Management Corp, a state-run restructuring agency.The consortium is 50.1% owned by Videocon with the rest held by Ripplewood.
