Sweet Deal for a Consortium
Haitai Confectionery Co., now under court receivership, will be sold to Korea Confectionery Holdings, a Belgium-based consortium of three investment funds."The investors, which include UBS Capital, signed a nonbinding contract to acquire Haitai's food manufacturing operations for 480 billion won ($368 million)," a Chohung Bank official said Thursday. The bank is Haitai's lead creditor.
When Haitai receives approval from the bankruptcy court, it will sign a binding contract with the consortium. Haitai's other operations, including its construction arm, will stay under court receivership.
with the Korea JoongAng Daily
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