Four Bidders Determined for Kia Auction
Korean carmakers Hyundai, Daewoo and Samsung as well as the Ford Motor Company submitted their letters of intent for the October 12 deadline for the third round of bidding.Kia will announce the successful bidder on October 19.
Ford which did not apply for the second round of bidding because Kia's debts were far too burdensome submitted its letter of intent, the first among the four bidders, for the third round of bidding.
Kia will decide the successful bidder based on who will require the least amount of write offs of Kia's debt.
with the Korea JoongAng Daily
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