BANKS OFFER TO TAKE OVER 20% OF DAEWOO CORP S FOREIGN DEBT

AAP General News (Australia)
12-08-1999
BANKS OFFER TO TAKE OVER 20% OF DAEWOO CORP S FOREIGN DEBT

SEOUL, Dec 8 Asia Pulse - Domestic creditors of South Korea's troubled Daewoo Group
decided to offer foreign creditors of Daewoo Corp. (KSE: 03810) to compensate up to 20
percent of their losses in the trading house's non-secured bonds, inside sources said
Wednesday.

Korean banks decided to offer to take over 18-20 percent of foreign creditors' holdings
in Daewoo Corp. bonds and up to 34 percent in bonds of Daewoo Electronics (07410).

Daewoo Corp.'s foreign liabilities are estimated at $2.8 billion.

Creditors and the Corporate Restructuring Coordination Committee will offer the terms
to foreign creditors in an effort to include them in debt workout programs on key Daewoo
companies

(Yonhap).

KEYWORD: $all $sk $bnk

1999 AAP Information Services Pty Limited (AAP) or its Licensors.