Iran firm buys Daewoo unit

Creditors of Daewoo Electronics Corp. said yesterday that they have signed a final deal to sell Korea’s third-largest electronics company to Entekhab Industrial Group of Iran.

Daewoo Electronics, which has been under a debt rescheduling program since August 1999, is a former subsidiary of the now-defunct Daewoo Group. Creditors acquired a combined 97.5 percent stake in Daewoo Electronics through a debt-for-equity swap.

Since selecting Entekhab as the prime bidder in April, creditor banks led by Woori Financial Group have been in talks with the Iranian firm to set a price.

The price for the controlling stake was reportedly set at 577.7 billion won ($518.7 million), which is less than the 605 billion won Entekhab proposed initially. The buyer will take over Daewoo Electronics’ outstanding assets and debts along with the stake.

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