SKorean firm sells RI unit

SKorean firm sells RI unit

SEOUL (DOW JONES): South Korea's bankrupt Shinsung Tongsang Co. sold its Indonesian unit to PT Shinta Korintama of Indonesia for US$400 million, Hanvit Bank said Monday.

Shinsung Tongsang, a small apparel-maker, will use the proceeds to clear its debt, which totals 150 billion won. The company has been under court receivership since September 1999.

Hanvit is the lead manager of the sale of the company's assets.

Shinsung's Indonesian unit PT Inkosindo Sukses makes and sells textile products. It has 1,570 employees and recorded sales of $700 million last year, according to Hanvit.