Daewoo has $9.9b in loans

Daewoo has $9.9b in loans

SEOUL (AFP): South Korea's troubled Daewoo Group was saddled with US$9.9 billion in foreign currency loans substantiated by creditors at the end of June, officials said Saturday.

It was the first official disclosure of overseas debt kept by Daewoo, which faces a potentially fatal liquidity crisis.

Daewoo's overseas loans at the end of June included $6.84 billion extended by foreign banks to Daewoo's overseas entities, the Financial Supervisory Commission (FSC) said.

Of $9.9 billion, $5.48 billion will mature before the end of this year, the commission said.

The figure, however, excluded trade financing, the commission said, adding Daewoo's total liabilities at home and abroad would be higher than estimated.

The group's won-denominated debt was estimated at 60 trillion won ($50 billion).