Shareholders' Money Sought
Creditors of Hyundai Petrochemical Co, including Hanvit Bank, said Wednesday they would ask the firm's major shareholders for 400 billion won ($309 million) of financial support to turn around the company.The 400 billion won is part of 950 billion won the creditors are considering spending to revive the company. The creditors warned that the shareholders would not be able to avoid full capital reduction and being stripped of management control if they reject the plan.
Arthur Anderson, an American consulting firm, concluded that Hyundai needed the 950 billion won to survive.
with the Korea JoongAng Daily
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