Daewoo Electronics Up For Sale

Creditors of South Korea’s Daewoo Electronics are putting the company up for sale again, after talks with an Indian-led consortium on a proposed deal worth US$746 million failed earlier this year due to a price disagreement.

The creditors will accept bids for the home appliances and television manufacturing arm of the Daewoo Group from Nov. 26-Dec. 17, and preferred bidders would be picked in January, a Daewoo spokesman said.

The creditors had scrapped a plan in February to sell the company after failing to close a deal with a consortium comprising India’s Videocon Industries Ltd. and RHJ International, the holding company of U.S. buyout fund Ripplewood.

Domestic creditors own 97.5% of unlisted Daewoo Electronics, which was placed under a debt rescheduling program after its parent group went bankrupt in 1999. (Reuters)