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CREDITORS OF KOREA'S INCHEON OIL REJECT BID BY CHINA'S CINOCHEM.
INCHEON, Feb 1 Asia Pulse - Creditors of Incheon Oil Refinery Co. voted to reject a purchase bid by Chinese state-run oil firm Cinochem that failed to meet expectations, representatives to a court-brokered meeting said Monday.
Participants to the meeting held in the South Korean port city said Cinochem increased its offer by 20 billion won to 685.1 billion won (US$667.9 million) in its third bid.
Cinochem said the buyout will benefit investors, shareholders and creditors alike as well as promote South Korea-China business relations.
Incheon Oil is currently under court receivership. Under the aegis of the court, creditors tried to sell the refinery to Cinochem last September.
The company, formerly known as Kyungin Energy Development Co. was declared bankrupt in 2001 and went into court receivership in March 2003.
The amount offered by the Chinese company was deemed insufficient, similar to its two previous ...
- CREDITORS TO LIQUIDATE KOREA'S BANKRUPT INCHEON OIL REFINERY.
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...planned listing of shares in affiliate SK Incheon Oil Co. on the London Stock Exchange until...it would sell up to 30 per cent of SK Incheon Oil's outstanding stock to overseas investors...year. SK owns 90.63 per cent of SK Incheon Oil based in the port city of Incheon...
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...Construction appears bound to be put under court receivership, should the Hyundai-related subsidiaries...subject the construction company to court receivership unless Hyundai affiliates find an...Hyundai firm will be subjected to court receivership. ``The government will not ...
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