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Article: South Korean creditors agree to bailout largest credit card company
- Article from:
- AP Worldstream
- Article date:
- January 9, 2004
- Author:
CopyrightProvided by ProQuest LLC. (Hide copyright information)
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HANS GREIMEL, Associated Press Writer
AP Worldstream
01-09-2004
Dateline: SEOUL, South Korea
Creditors of South Korea's largest credit card company, LG Card Co., agreed Friday to put together a 4.8 trillion won (US$4.1 billion) bailout package for the troubled company, a major creditor said.
LG Card, affiliated with South Korea's third-largest conglomerate, LG Group, narrowly avoided default last fall, rattling investor confidence in the country's card companies and the stability of its financial markets.
The company had halted part of its lending services since Thursday due to a cash crunch, while its 16 creditors wrangled over a bailout plan that all of them could accept.
"The bailout ...
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Article: (LEAD) LG Card Creditors Eye Cash Buyout After LG ...
YON - Yonhap News Agency of Korea;
December 21, 2004 ;
700+ words
... ... was widely seen as suggesting that LG Card creditors could offer up to 450 ... proposed. On Dec. 13, creditors of LG Card, South Korea's second-biggest card issuer by billings, proposed to buy LG Card's debts held by LG Group for 260 ...
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