InfoAnda - Creditors agree on debt scheme for S.Korea's Kumho

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Creditors agree on debt scheme for S.Korea's Kumho AFP - Thursday, December 31 Send IM Story Print Creditors agree on debt scheme for S.Korea's Kumho Slideshow: Full Photo Coverage: Business & Economy SEOUL (AFP) - – South Korea's eighth largest conglomerate Kumho Asiana agreed Wednesday to place two troubled units under a debt workout programme to try to avert a liquidity crisis, according to a key creditor bank. State-run Korea Development Bank (KDB) said Kumho Industrial, the group's building unit, and Kumho Tire would be put under the programme to avoid liquidation. The scheme will focus on a rollover of debt and capital reductions through debt-for-equity swaps, KDB vice president Kim Young-Kee told reporters. Shares in both units plunged by the daily limit of 15 percent on Wednesday. Creditors also agreed to reschedule the debt of Asiana Airlines, the country's second flag carrier, and Kumho Petrochemical in return for rapid restructuring, he said. The scheme was necessary to help the group ride out a liquidity crisis after its attempt to sell Daewoo Engineering and Construction failed, Kim said. The group's debt is estimated at 18 trillion won (15.4 billion dollars) compared with assets worth about 38 trillion won. "Such steps are inevitable to protect creditors and normalise the group's business," Kim said, adding creditors would push for swift restructuring of the group to stabilise financial markets. The Financial Services Commission said the group owed 15.7 trillion won to banks on top of loans to Daewoo Engineering. Banks may have to set aside about 1.2 trillion won in provisions for their exposure to Kumho Asiana, the watchdog said, adding the group's trouble would not seriously hurt bank operations. Kim said a private equity fund led by KDB would buy a 50 percent stake plus one share in Daewoo after completing the restructuring of group units. Kumho Asiana acquired Daewoo Engineering and Construction for 6.43 trillion won (now 5.5 billion dollars) in 2006, and bought top logistics company Korea Express for 4.1 trillion won last year. The acquisitions helped it become the nation's eighth-biggest business group but sparked concerns about its reckless expansion. Group officials said the global economic crisis aggravated Kumho's financial woes and delayed the sale of Daewoo, a major builder bailed out in the wake of the 1997-98 East Asian financial crisis. "Our group will redouble efforts to put our business back on track early through rigorous restructuring," said Oh Nam-Soo, president of Kumho Asiana's strategic planning division. He said the group's owner would donate his share holdings for restructuring. The group had borrowed 3.5 trillion won to finance the acquisition of Daewoo by offering 39.6 percent of Daewoo shares as collateral. It had offered lenders a put option -- the option to sell back the shares -- if Daewoo's stock price failed to reach 31,500 won by this month. The stock closed at 12,750 won Wednesday. The put option will now be delayed, officials said. KDB's Kim said a separate equity fund would be created to acquire the group's unlisted Kumho Life Insurance. The group also promised to sell its car rental unit, Kumho Rent-a-Car, to a local fund led by telecom giant KT Corp for 300 billion won. Shares in Kumho Tire plunged by the daily limit of 15 percent to 3,605 won in Seoul Wednesday. Kumho Industrial also fell by the daily limit to 8,330 won. 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