Ssangyong Sets Rescue Plan

Ssangyong Cement Industrial plans to offer a 5 percent stake in the firm held by the largest shareholder, Kim Suk-won, as a security to its creditors and to entrust the creditors with disposition of the shares.

The cement firm and the creditors, including Chohung Bank, will make a special contract on it, an official at a creditor bank said Wednesday. Mr. Kim has already promised to transfer 3.11 from his 8.11 percent stake to creditors, as part of the debt-ridden cement firm's rescue plan.

Accordingly, he will give creditors all his stake, through offering the remaining 5 percent stake, or 9 million shares, as a security. "All the real estate held by Ssangyong Cement have already been placed on the market for sale," the bank official said.