Top Five Chaebol and Creditor Banks Agree on Financial ImprovementDaewoo, Hyundai, Samsung, LG and SK, collectively known as 'the top five chaebol' agreed to the improvement of their financial states with creditor banks on December 17.
Daewoo Group, whose chairman, Kim Woo Jung, is currently overseas, is scheduled to sign an agreement letter promising to improve its financial state on December 19.
As the five largest conglomerates agreed with creditor banks on their financial improvement, the sales of their assets and restructuring will be accelerated, henceforth.
Hyundai signed an agreement with the Korea Exchange Bank and LG with the Korea Commercial Bank.
SK and Samsung promised agreement letters with the Korea First Bank and Hanil Bank, respectively.
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