Sammi Group files for court receivership
Article Abstract:
Sammi Steel Co and Sammi Corp are filing for bankruptcy protection from creditors. The move, announced by parent company Sammi Group, raises businessmen's concern over the additional impact of South Korea's poor economy to its giant firms. Sammi Steel acquired 397 billion won in losses over the last five years, and reached 1.8 trillion won in debts. Three other Sammi Group firms, Sammi Technology & Industries Co, Sammi Fine Ceramics Co and Sammi Metal Products Co. are expected to file for the same protection.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1997
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Hanbo Steel collapse marks shift in South Korea's policy
Article Abstract:
Hanbo Steel's bankruptcy, as a result of defaulting on its debt payments, may expose problems encountered by the South Korean business community. The debt burden resulted from the company's desire to expand rapidly by using bank loans, overly aspiring management, and poor analysis of South Korean banks. President Kim Young Sam ordered an investigation due to allegations that bank officials accepted bribes from the Hanbo Group for loan approvals.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1997
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Hanbo creditors reject U.S. consortium's cash offer; they prefer a bid for bankrupt steelmaker that would include long-term debt
Article Abstract:
Hanbo Iron and Steel Co's creditors have rejected a cash offer from a consortium of US funds called Nabors Consortium. The creditors preferred a mixture of cash and long-term debt instead of the offer which was between $400 million to $500 million in cash. Nabors resubmitted a bid in Jun 1999 in accordance with the request which included a 20-year debt. Another bidder is Dongkuk Steel Mill Co which offered a mixture of cash and 20-year debt.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1999
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