India's VideoCon is preferred bidder for SKorea's Daewoo Electronics

0 Comments | AFP, September, 2006

SEOUL (AFP) — Creditors of South Korea's Daewoo Electronics have said 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 dollars.

Yonhap news agency said a consortium consisting of consumer electronics manufacturer VideoCon and Ripplewood Holdings, a US private equity fund, reportedly offered 700 million dollars for a 97.5 percent stake held by creditors that include Woori Bank and Korea Asset Management Corp, a state-run restructuring agency. The consortium is 50.1 percent owned by VideoCon, with the rest held by Ripplewood....