Korean officials announced that progress had been made in negotiations with a consortium headed by American International Group concerning the purchase of three deeply indebted Investment companies controlled by the Hyundai Chaebol for around $1 billion.
The deal, announced last August, has been stalled by the Korean government’s refusal to participate in in any debt relief for the troubled investment companies – Hyundai Securities, Hyundai Investment Trust & Securities and Hyundai Investment Trust Management. AIG and its main investment partner W.R. Ross have refused to proceed without a government commitment to invest funds in the three groups.
According to a report from Reuters News Agency Chin Dong-soo, an official of Korea’s Financial Supervisory Commission’s Securities and Futures Committee, told reporters that it was “inevitable” that some government funds would be injected into the companies, and it was now a question of how much.
He also indicated that AIG was resuming its “due diligence” examination of the three companies’ financial condition, and that unless there were adverse findings he expected the deal to be be completed “in the first half of this year.” Neither AIG nor W.R. Ross have commented on the report as yet.
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