Creditors set to sell Daewoo International by June

SEOUL, Nov. 4 (Yonhap) -- Creditors of Daewoo International Corp. are seeking to complete the sale of South Korea's leading trade company by the end of June, sources said Wednesday.

Creditors of Daewoo International, led by state-run debt clearer Korea Asset
Management Corp. (KAMCO), are looking to sell a 68 percent stake in the company
valued at around 2.2 trillion won (US$1.86 billion).
A consortium of Samjong KPMG Advisory Inc. and Merrill Lynch & Co. were picked as
co-managers for the stake sale in late October.
According to sources, KAMCO is expected to draw up a shortlist of candidates
after receiving preliminary bids around January and February. The debt clearer
will likely pick a preferred bidder in March or April and may complete the sale
of Daewoo International by the end of June next year, it added.
Recently, POSCO, South Korea's leading steelmaker, expressed its interest in
bidding for Daewoo International, a former unit of the now-defunct Daewoo Group,
which is now focused mainly on energy development.
Daewoo International is conducting massive gas and oil field development
projects, including one in Myanmar valued at up to 8 trillion won.
sooyeon@yna.co.kr
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