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Creditor Banks for Kia Consider Writing Off Portion of Debts

Sept 10,1998
Creditor banks for Kia Motors Co and its subsidiary, Asia Motors, are considering writing off Kia's by 2.6~2.8 trillion won, as much 22~24% as its debt principal.
A source at Kia said, 'Kia's liabilities are 5.1 trillion won more than its assets. Therefore, it is necessary to write off its debts by at least more than 3 trillion won so to normalize its management. Creditor banks will decide their final plans for writing off Kia's debts by September 11.'
Samsung Motor Co, a bidder in the first round of bidding for Kia, had asked for a write off of 2.7 trillion won in its first bid. Kia's total debts are 11.85 billion dollars.



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