By Kim Tae-gyu
Staff Reporter
Nine troubled chaebol ― Dongbu, Kumho Asiana, GM Daewoo Auto & Technology, Aekyung, Hynix Semiconductor, Eugene, Daeju, Tong Yang Major and Taihan Electric Wire ― have signed contracts on restructuring programs with their creditors.
``The nine completed the signing of restructuring accords with creditors. The reconfiguration work will gain speed in the months to come,'' an official of the Financial Supervisory Service (FSS) said Tuesday on condition of anonymity.
Taihan's main creditor is Hana Bank while Eugene's chief creditor is the National Agricultural Cooperative Federation, otherwise known as Nonghyup. Korea Exchange Bank is in charge of Hynix.
The state-run Korea Development Bank signed restructuring pacts with the remaining six groups.
Seven banks checked the financial health of 45 groups based on their 2008 balance sheets and income statements in April and listed the nine as financially problematic.
Measures enforceable by banks include keeping chaebol affiliates from investing in new businesses and urging them to divest from non-core units.
Attracting the biggest attention is Kumho Asiana, one of Korea's top 10 chaebol.
Kumho Asiana has aggressively expanded its business horizon in the past several years by taking over Korea Express and Daewoo Engineering & Construction.
Such all-out takeover attempts have turned out to be a headache now due to the global financial crisis and credit crunch, which ended up financially jolting Kumho.
Through the restructuring agreements, creditors reportedly asked Kumho to sell off Daewoo Construction as well as shares in Kumho Life Insurance and Seoul Express Bus Terminal.
Kumho said that it will try to induce new investors, who will channel fresh funds into the cash-strapped chaebol.
Creditors will give a two-month grace period for Kumho till the end of July, but should it fail to find new investors, it will be forced to dispose of Daewoo Construction.
The announcement is expected to boost mergers and acquisitions (M&A).
``This is a good chance for deep-pocketed groups to acquire firms, which have a respectable long-term outlook,'' Shin Young Securities analyst Kim Se-jung said.
M&A is already underway ― early this year, Lotte Group gobbled up Doosan's liquor unit for 503 billion won, while GS Group took over Ssangyong Corp.
voc200@koreatimes.co.kr
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