The creditors of Woongjin Holdings said Thursday that they have decided to complete the sale of Woongjin Coway Co., a leading local water purifier maker, to MBK Partners Ltd., a leading local private equity fund, by January next year.
In August, Woongjin Holdings, the parent company of Woongjin Coway, inked a deal with MBK Partners Ltd. to sell its 30.9 percent stake in the purifier unit to the private equity fund for 1.2 trillion won (US$1 billion) to help improve its financial health.
Still, the sale has been suspended as Woongjin Group’s two affiliates, Woongjin Holdings and Kukdong Engineering & Construction Co., filed for court receivership in September due to financial difficulty.
On Thursday, the creditors of Woongjin Holdings submitted their plan to the Seoul Central District Court to complete the sale next year. (Yonhap News)
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