And the Winner ~ Is.....Hyundai! Maybe.

After a long drawn out process and two failed auctions a verdict has been reached for the bankrupt Korean car company, Kia.
Hyundai was chosen by Kia to be its successor. Lee Jong Dae, the acting president of Kia Motors, announced on October 19 that it had picked Hyundai Motors as the successful bidder and Daewoo Motors as a second possible bidder after it had evaluated the four bidders presented for Kia's acquisition.
Kia said that the Ford Motor Company of the U.S. was disqualified because it presented a far too low acquisition price for Asia Motors, an affiliate of Kia Motors. Samsung received the lowest grade among the three Korean companies.
Industry sources, however, are saying that now Kia's creditor banks are opposing the result of the bid, already putting Hyundai's acquisition in jeopardy.
It is acknowledged that the creditor banks prefer a Ford acquisition reasoning that Ford can afford to repay some of Kia's debts in advance which would raise the share price of Kia.
The creditor banks will continue evaluating the successful bidder until November 17. However, as the Kia issue has been delayed for far too long, the creditor banks will have to conclude the issue as soon as possible. Regarding this issue, Lee Keun Young, president of the Korea Development Bank, the chief creditor bank for Kia, said that the bank would proceed with the necessary procedures rapidly to get the creditor banks' agreement followed by Hyundai's acquisition of Kia.
The government hinted that the final possessor of Kia could still be in doubt. An official from the Ministry of Finance and Economy said, 'As the creditor banks' agreement still remains, we will have to watch who the final acquirer is.'
Chon Yoon Chul, president of the Fair Trade Commission, said, 'Even though Kia picked Hyundai as the successful bidder, we have not decided, as of yet, if Hyundai will ultimately take control of Kia.'
He also said, 'In the event that Hyundai will acquire Kia, legally there are regulations which could exclude Hyundai's acquisition from the standpoint of the Monopoly Regulations.'
Hyundai spokesmen commented on Hyundai's acquisition of Kia, stating that it would be very helpful in terms of cost reductions and an expanded research and development capacity.
Daewoo said that it would seriously consider co-acquisition of Kia if Hyundai suggested it.
Samsung said that it would continue to push for alliances with foreign carmakers including Ford irrespective of Kia's disposition.