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Jul 10 5:00 PM EST

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To: Woody_Nickels who wrote (2092)	12/8/1997 7:00:00 AM
From: DJBEINO	Read Replies (1) of 9582

Dongbu Group suspends 1.6 bln usd chip project with IBM -----THIS WAS A DRAM PROJECT------- SEOUL (AFX-ASIA) - The Dongbu Group has suspended a 1.6 bln usd project to enter the semiconductor business in partnership with International Business Machines Corp. "Our project has been indefinitely postponed because of financing problems," a Dongbu spokesman said. The suspension a month after Dongbu announced the project despite worries that it may have trouble meeting its investment requirement. Dongbu said it has accepted recommendations by creditors to suspend the project on concerns over the financial crisis which forced South Korea to accept rescue funds from the International Monetary Fund. "Now, it is 100 per cent impossible to acquire bank loans for such a huge corporate project at a time when concerns over major corporate failures are sweeping business circles," the spokesman said. He said the group will wait for a "favourable business environment" before resuming the project, which is based on forecasts of prospects of the market recovering next year. "We hope the financial debacle will not drag on, but right now we have no choice but to wait," he said.

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