Korean government to sell Daewoo Heavy Industries

The Korean government said Oct. 5 it will sell its controlling stakes in Daewoo Heavy Industries & Machinery and three other former units of the bankrupt Daewoo Group, the Korea Herald reported. The state-run Korea Asset Management Corp. has been buying distressed assets from banks and companies since the 1997-98 financial crisis and repackaging them for sale. Daewoo Heavy, along with Daewoo Shipbuilding, has graduated from its debt-workout program. Daewoo Engineering and trading company Daewoo International are close to completing their programs.