February 6, 2000 |
Han Mi Sook, a 37-year-old company worker in Seoul, has owned a Daewoo sedan for several years. But riding around town with "Daewoo" on your hood has become a lot less prestigious since last August, when the entire industrial group was brought to its knees financially. "It's still running," she said with a laugh. "But it's a bit noisy." The same might be said for the entire South Korean auto industry these days.
January 22, 2000 |
South Korea's financial regulator said today that Daewoo Group and foreign creditors have reached a debt restructuring agreement. Daewoo Group's local creditors agreed to buy the company's debt to foreign banks in a move aimed at saving the South Korean conglomerate from bankruptcy. "Foreign creditors agreed to accept 39% to 40% of collection rate of their debts to four Daewoo affiliates," said a spokeswoman at the Financial Supervisory Commission.
December 27, 1999 |
The South Korean government said Sunday it will delay until next month its decision on whether to put Daewoo Corp. into bankruptcy, as domestic banks try to reach an agreement on bailing out ailing parent Daewoo Group. Lee Hun Jai, chairman of the Financial Supervisory Commission--the government agency in charge of Korea's corporate restructuring--made the decision to delay action on Daewoo Corp.
December 23, 1999 |
Ford Motor Co. said on Wednesday that it is interested in buying Daewoo Motor Co., prompting the South Korean government to solicit bids for its No. 2 auto maker rather than negotiate exclusively with General Motors Corp. Ford will send its top Asia executive, Paul Drenkow, back to Seoul to talk with holders of Daewoo Motor's bonds and loans in early January, a month after he began talks with the creditors. Daewoo has more than $16 billion in debt.
November 2, 1999 |
Kim Woo Choong offered to step down as chairman of near-insolvent Daewoo Group, ending 32 years at the helm of a business that he built into a $66-billion empire with borrowed money. The presidents of 12 key Daewoo units joined the 62-year-old Kim, who was on a trip to Germany, in offering to step down, conceding their responsibility for failing to head off South Korea's biggest corporate failure. It was unclear whether creditors accepted the offer.
August 23, 1999 |
Daewoo Securities Co.'s domestic creditors plan to assume control of South Korea's No. 1 brokerage today, accelerating the takeover as the company starts to run short of cash. The creditors, many of which were taken over by the government last year, plan to reshuffle the brokerage's management and complete the takeover today, said a spokesman for Daewoo's corporate reform committee.