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AIG, NEWBRIDGE CAPITAL TO INVEST $US600 MLN IN HANARO.
SEOUL, Sept 1 Asia Pulse - Troubled broadband Internet operator Hanaro Telecom (KOSDAQ:33630) said it had reached an agreement with the consortium of American International Group (AIG) and Newbridge Capital to obtain syndicated loans worth million.
"We have agreed with the foreign investors on basic points to induce an additional foreign investment," said Lim Joong-soo, a Hanaro spokesman.
On Friday, Hanaro's board approved a $US500 million investment plan offered by AIG and Newbridge Capital.
If the plan goes well, the two foreign investors will emerge as the largest shareholder with a 39.6 per cent stake in the country's second largest broadband operator with 2.97 million subscribers.
On the same day, SK Telecom, which owns a 5.5 per cent stake in Hanaro, also decided to purchase the company's commercial papers worth 120 billion won (US$102.5 million) to help Hanaro ease liquidity crisis.
"Still, specific conditions on the $US600 million syndicated loans are not decided yet," the spokesman said.
Hanaro, also an operator of fixed-line business, has been teetering on the verge of bankruptcy, hit by mounting debts worth 1.7 ...
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Source: HighBeam Research, AIG, NEWBRIDGE CAPITAL TO INVEST $US600 MLN IN HANARO.