Bloomberg is reporting:
1. Halla Group, S. Korea's 5th largest conglomerate, was declared bankrupt yesterday by creditors, with $5.8 Billion debt.
2. Coryo, one of S. Korea's top 10 securities firms, also collapsed yesterday.
3. Young Jin Pharmaceuticals, also of S. Korea, said it would go to SK courts to request rescheduling debts of abotu $140 mill.
And in Japan.....
Sumitomo Bank has retaind invest bankers as it is considering the Sale of Bank of California, that state's 5th largest Bank..........
Looks as though asset sales, including U.S. assets, may be beginning. California commercial real estate will likely be included in the first wave. However, the positive attitude in this country will probably produce enough buyers to mitigaet the effects on price somewhat. |
