KDB to pick Daewoo Shipbuilding sale adviser next week

The state-run Korea Development Bank (KDB) said Wednesday it plans to select an adviser for the sale of Daewoo Shipbuilding & Marine Engineering Co. (KSE:042660) next week. KDB, the shipbuilder's main creditor, and Korea Asset Management Corp. hold a combined 50.4 per cent stake in Daewoo Shipbuilding, following their debt-for-equity swap in December 2000 that rescued the company from near collapse.
KDB terminated an estimated over 6 trillion won (US$5.16 billion) deal with Hanwha Group for Daewoo Shipbuilding in January this year and said it plans to re-invite bids for the sale of the shipbuilder.
"We sent requests for proposals for the sale of the shipbuilder to around 20 financial companies, which means we put the shipbuilder back on the block," said an official at KDB. "We will pick an adviser for the sale next week at the earliest."
Hanwha Group was chosen as the preferred bidder to buy the shipyard but the deal fell through as the group sought to revise the terms of its offer amid the global economic downturn.