As interested parties poke into corners and pore over data in Tangjin, the Korean banks and the Korean government's bad debt clearing house have been reminded again of the difficulty they face recovering the billions of Won lent to the now bankrupt Hanbo Steel.Over the four weeks beginning on August 27 several 'potentials" - Hanbo creditor-speak for 'potential buyers' - are conducting due diligence investigations at Hanbo's Tangjin works at Asan Bay south of Seoul prior to the holding of yet another auction for Hanbo. The Korea Asset Management Corp, the government's clearing house for non-performing loans and Hanbo's largest creditor, continues to assert that the auction will be held in September as planned, though a delay is looking increasingly likely.
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