Daewoo Heavy Not Likely To Spin Off Soon

Friday, September 10, 1999
Heavy Industries, one of the 12 Daewoo Group affiliates put under a debt rescheduling program, is not likely to be separated from its parent group any time soon, a creditor bank official said. The official at Korea Development Bank said details of the workout plan for Daewoo Heavy are now under review and a spinoff would take place in two to three months. "Action plans for reshaping the company could come out by the middle of this month. But a separation from Daewoo Group would take at least two to three months under commercial laws," he said. Lee Hun-jai, head of the Financial Supervisory Commission, overseeing the nation's corporate restructuring, said he had expected Daewoo Heavy to be separated from the group within this month. But the Korea Development Bank official said when referring to the time frame, Lee must have meant the specific workout plans for the company. "I would interpret his remarks as meaning that specific workout ways were anticipated within this month," the official said. The official also said a due diligence review of Daewoo Heavy would take six to eight weeks. Daewoo Heavy and other 11 Daewoo affiliates had been put under a workout plan last week by their creditor banks, which have assumed many management decisions.
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