Videocon to sign final document for Daewoo Electronics

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After months-long negotiations between Videocon-led consortium and Creditors of Korean durables firm, Daewoo Electronics, a happy ending seems to be in sight. The creditors of Daewoo Electronics have authorised a member of the lenders’ consortium, Woori Bank, to sign the final document with the Videocon-led consortium on May 4, 2007.

It is believed that the parties have agreed upon a price of over 700 billion won, which will take the total value of the deal to over $1 billion. The Videocon-led consortium came out as the preferred bidder in September 2006 to buy 97.6 per cent stake in Daewoo Electronics.

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