ID :
184512
Thu, 05/26/2011 - 05:48
Auther :
Shortlink :
https://oananews.org//node/184512
The shortlink copeid
Creditors to wrap up sale of Korea Express in Sept.
SEOUL, May 26 (Yonhap) -- Creditors of Korea Express Co. are expected to complete the sale of a major stake in the top logistics company in early September as they have resolved differences over how to sell it, an official at the lead creditor bank said Thursday.
Creditors led by Korea Development Bank (KDB) had planned to finalize their sale of a 37.6 percent stake in Korea Express by June, but the sale process has stalled due to gaps between creditors and preliminary bidders.
Creditors and three prospective buyers -- POSCO, CJ Group and Lotte Group -- were divided over whether to sell three subsidiaries of Korea Express in a package or in separate deals.
"If things go as planned, the sale is expected to be completed at least by early September," a high-ranking official at KDB said.
Creditors reached an agreement with the hopeful buyers to sell Kumho Terminal, a bus terminal operator affiliated with Korea Express, and two other subsidiaries separately from Korea Express, the official said.
According to a rescheduled sale plan, creditors will pick a preferred bidder by July in order to complete the stake transfer by late August or early September, according to the official.
Creditors have recently employed an accounting firm to assess the value of the three subsidiaries by around the end of May.
"After the value of Korea Express' subsidiaries is released, creditors will immediately start the sale process, including the final auction," the official said.
Lotte Group, the country's biggest retail firm, is reportedly mulling pulling out of its initial plan to buy the stake, as it wanted to buy the firms in a package in a bid to bolster the logistics segment.
Shares of Korea Express were trading at 90,300 won (US$82.80) on the Seoul main bourse as of 10:10 a.m., up 1.35 percent from Wednesday's close.
KDB, the main creditor of cash-strapped Kumho Asiana Group, is seeking to sell the Korea Express stake held by the group's two subsidiaries in a bid to wrap up the debt restructuring of the group.
pbr@yna.co.kr
(END)
Creditors led by Korea Development Bank (KDB) had planned to finalize their sale of a 37.6 percent stake in Korea Express by June, but the sale process has stalled due to gaps between creditors and preliminary bidders.
Creditors and three prospective buyers -- POSCO, CJ Group and Lotte Group -- were divided over whether to sell three subsidiaries of Korea Express in a package or in separate deals.
"If things go as planned, the sale is expected to be completed at least by early September," a high-ranking official at KDB said.
Creditors reached an agreement with the hopeful buyers to sell Kumho Terminal, a bus terminal operator affiliated with Korea Express, and two other subsidiaries separately from Korea Express, the official said.
According to a rescheduled sale plan, creditors will pick a preferred bidder by July in order to complete the stake transfer by late August or early September, according to the official.
Creditors have recently employed an accounting firm to assess the value of the three subsidiaries by around the end of May.
"After the value of Korea Express' subsidiaries is released, creditors will immediately start the sale process, including the final auction," the official said.
Lotte Group, the country's biggest retail firm, is reportedly mulling pulling out of its initial plan to buy the stake, as it wanted to buy the firms in a package in a bid to bolster the logistics segment.
Shares of Korea Express were trading at 90,300 won (US$82.80) on the Seoul main bourse as of 10:10 a.m., up 1.35 percent from Wednesday's close.
KDB, the main creditor of cash-strapped Kumho Asiana Group, is seeking to sell the Korea Express stake held by the group's two subsidiaries in a bid to wrap up the debt restructuring of the group.
pbr@yna.co.kr
(END)