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More Write-Offs for Hyundai

Nov 26,1998
Hyundai Motors will receive further write-offs of 175 million dollars from Kia-Asia Motors' creditors.
The creditors announced on November 26, 'We have looked through Hyundai's assessment of Kia's true financial reality, and decided to reduce further those debts.'
Hyundai will be exempted in total from 5.91 billion dollars of Kia's liabilities.
Hyundai Motors' vice president, Lee Bang Ju, commented, 'We are not overly satisfied, but we will undertake Kia's securities on December 1 as scheduled while talking to the creditors in detail.'
The reason creditors revised the repayment of Kia's debt by Hyundai was that a detailed investiagation and audit revealed there was a lot more hidden debt.


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