SOUTH KOREA: Kabool Creditors Swap Debt For Shares
Creditors of troubled textile giant Kabool Co on Wednesday agreed to exchange 224.4 billion won ($190 million) of debt for shares as part of the company’s ongoing debt rescheduling program.
They also backed plans to rollover existing loans until 2005 in order to extend the grace period by two years. The move is the latest in a major restructuring and debt reorganisation scheme launched four years ago this month.
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