Anam Group Applies For Creditor Deal

Three Anam companies, Anam Semiconductor, Anam Electronics and Anam Environment, applied for a 'work-out' deal with creditor banks on October 24.
A Korean company's 'work-out' deal means that creditor banks give the company a grace period where the repayment of its debts is postponed to assist the company's management normalization.
Chohung Bank, the main creditor bank for Anam Group, announced on October 24, that it chose Anam's three companies as suitable for a 'work-out' deal and notified other creditor banks. Anam Group also announced that it would file for Anam Construction's management in court and planned to liquidate or make a merger with Anam Semiconductor, Anam group's major company, out of 10 other Anam's subsidiaries.
A source at Chohung Bank, said, ' Anam submitted its own normalization plan that stated it would sell one factory among the current four semiconductor factories for 600 million dollars and raise 50 million dollars by the issue of additional equity to reimburse its debts.'
The source added, ' As Anam Semiconductor has outstanding technology in the non-memory semiconductor sector, if the group reorganizes centering on semiconductors, the group will revive and be profitable.'