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Dongbu Steel, the ailing steelmaking affiliate of South Korea’s Dongbu Group, said that its creditors have stopped their attempt to sell the steelmaker.
“With creditors’ debt-to-equity swap plan and improved earnings of the company amid business conditions in the steel industry, M&A attempts have been stopped,” the company said in a regulatory filing.
“With creditors’ debt-to-equity swap plan and improved earnings of the company amid business conditions in the steel industry, M&A attempts have been stopped,” the company said in a regulatory filing.
Its main creditor Korea Development Bank has been struggling to find a suitor for the steelmaker due to lack of interest from potential buyers.
Dongbu Steel was put up for sale in October last year, when it was placed under a debt workout program led by its creditors.
By Kim Yoon-mi (yoonmi@heraldcorp.com)
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Articles by Korea Herald
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