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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: SKorea's bank delays deal to sell Daewoo shipyard AFP - Monday, December 29 SEOUL (AFP) - - South Korea's state-run Korea Development Bank said Sunday it will delay finalising a deal to sell the world's third largest shipyard, Daewoo Shipbuilding and Marine Engineering. The signing of the final contact to sell the shipyard to preferred bidder Hanwha Group, originally due on Monday, has been pushed back by one month until January 30, 2009, the bank said. The delay came after Hanwha demanded that payment for the deal be delayed or made in installments citing worsening financing conditions. Hanwha also requested more time to conduct due dilligence. The bid price remains undisclosed. But industry sources estimate it at around six trillion won (4.6 billion dollars) for a controlling 50.37 percent stake in the local shipyard. Hanwha, picked as successful bidder for the shipyard in October, already made down payment. Under a preliminary agreement thrashed out last month, Hanwha should close the deal on Monday and make full payment by late March. "The Korea Development Bank can delay exercising its rights as a seller until January 30, 2009," the bank said in a statement, referring to contract terms on penalising Hanwha for failing to meet deadlines. The bank, however, demanded that Hanwha should present a concrete payment plan and strictly meet the late-March deadline for the full payment. The bank also suggested that it could acquire some of Hanwha's assets to help the group raise funds. Hanwha, a business conglomerate focused on chemical and energy firms, has been facing difficulty raising funds through the sale of its holdings in real estate and the country's number two life insurer, Korea Life Insurance, amid a global financial crisis, market watchers say. Creditor banks took over the Daewoo shipyard in 2000 after its parent, Daewoo Group, collapsed under a debt mountain totalling 82 billion dollars -- one of the world's largest corporate failures. But the shipyeard has a lucrative energy-related business and strong cash flows. Last year its sales climbed 32 percent year-on-year to 7.1 trillion won. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Tel Aviv shares slip as Israeli jets strike GazaReuters - 21 minutes ago The euro at a glanceAP - 31 minutes ago Three Japan insurers in merger talks - TVReuters - 40 minutes ago Euro currency turns 10; seen fulfilling promiseAP - 41 minutes ago SKorea's bank delays deal to sell Daewoo shipyardAFP - Monday, December 29 Enlarge Photo SKorea's bank delays deal to sell Daewoo shipyard Most Popular – Business Viewed Actress Jennifer Aniston appears naked in GQ magazine Stars of Hollywood, high-tech open wallets for Obama party Tough times seen ahead for British, Japanese economies Funeral of Guinea strongman as junta tightens grip Australian 'mummy smuggler' arrested in Cairo View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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