U.S. investor renews bid for Daewoo Engineering

SEOUL, Feb. 16 (Yonhap) -- A group of U.S investors has resubmitted its bid for a
controlling stake in Daewoo Engineering & Construction Co., South Korea's No.2
builder, industry sources said Tuesday.

"TR America Consortium has shown interest in taking over Daewoo Engineering
again," said an industry source. Representatives of TR America Consortium, which
participated in an earlier auction to buy the stake in Daewoo, will visit Seoul
this month to negotiate a takeover, the sources said.
Kumho Asiana Group, the builder's parent, is seeking to sell Daewoo Engineering
after it experienced a liquidity crisis in the wake of economic downturn.
The sale of Daewoo Engineering was delayed after Jabez Partners and TR America,
the two preferred bidders, failed to show a sufficient commitment to pushing the
deal through last year.
Daewoo Engineering was previously part of Daewoo Group, which collapsed during
the 1997-1998 financial crisis.
sam@yna.co.kr
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