Jinro-Coors on International Sales

Jinro-Coors Beer announced its plans to sell the company through an international bidding by the end of June. OB Beer and U.S.-based Coors Beer had earlier expressed an interest in buying the company but Jinro-Coors rebuffed their offers and changed its strategy.
Bae Jong Kyu, president of Jinro-Coors, said on February 9, 'We decided to sell the company in consultation with creditors to revive management. We have already opened a restructuring office to control the procedure. The office has delivered a guide and various documents to 31 companies all over the world.'
The company will announce the bidding procedure sometime next month and conclude the sale by June. The restructuring office consists of various financial institutions including Chase Securities and Samil Accounting Firm.
The company began operations in 1992 and was jointly owned by Coors and OB, but in December 1997 Coors abandoned its shares.