| Daewoo creditors threaten to stymie Videocon bid |
| BS Reporter / Mumbai December 29, 2006 |
| The sale of Daewoo Electronics to the Videocon-led consortium could be thwarted if the creditors reject a proposal by the Videocon-led consortium to reduce the bid amount by 13%. Creditors own 97.5% of the Korean firm. According to the Financial Times, the creditors of Daewoo were due to hold a meeting to consider the proposal yesterday but instead decided to seek a written response. "We expect it will take one or two days to get the result as each of the creditors has to choose whether they agree or disagree with Videocon's proposal," a Woori Bank executive told the Financial Times and added, "the deal could be nullified, according to the result". Woori Bank is Daewoo |
