Food Firm's Debts Extended
Shin Dong Bang Co.'s creditors have agreed to reschedule the cooking oil maker's debts, the main creditor, Hanvit Bank, said Friday.Hanvit said creditors holding three-quarters of the company's outstanding debt approved the rescheduling. Shin Dong Bang, under a court-supervised workout program, owes a total of 740 billion won ($576 million) to financial institutions.
A recent plan by the creditor banks to sell off the company fell through. Hanvit said it does not rule out the possibility of restructuring the company by selling off assets.
with the Korea JoongAng Daily
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