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Strategies & Market Trends : Asia Forum

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To: Stitch who wrote (673)	1/12/1998 6:39:00 AM
From: Thomas Haegin	Read Replies (1) of 9980

Fire sales in Korea now? REPOST: SOUTH KOREA'S SSANGYONG SELLS U.S. ASSETS Futures World News - January 12, 1998 02:50 FINANCIAL CURRENCY ECONOMY STOCK V%FWN P%FWN Seoul-Jan. 12-FWN/UPI--SOUTH KOREA'S SSANGYONG GROUP has announced the sale to U.S. buyers of a cement company and two hotels in California. The company, which has sold off auto and paper subsidiaries to reduce unwieldy debt, announced the $120 million sale of Riverside Cement, based in Diamond Bar, Calif. Company spokesman Lee Sang-chun said Ssangyong and buyer Texas Industries Inc. settled the deal last month. He said the sale of two hotels to Sunstone Hotel Investors Inc. was concluded last week. Ssangyong announced Sunstone has agreed to pay $30.5 million for the Marriott Residence Inn hotels in Sacramento and San Diego, Calif. Company creditor banks today pledged to extend loans of $166.18 million (300 billion won) to the business group following the sale of Ssangyong Motor Co. Daewoo Motor Co. finalized a takeover of the debt- ridden automaker Saturday, but announced the Ssangyong Group would shoulder an additional $166.18 million (300 billion won) of the company's debt. The Ssangyong Group ranked as South Korea's sixth largest conglomerate in net assets until debts of $1.88 billion (3.4 trillion won) at its auto subsidiary forced the company to start drastic corporate restructuring. -------End----------------

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