Woongjin Scuttles $1.1B Coway Unit Sale

Law360, New York (September 26, 2012, 4:02 PM EDT) -- South Korea's Woongjin Holdings Co. has reportedly dropped plans to sell a stake in water purification company Woongjin Coway to private equity group MBK Partners for $1.1 billion after filing for bankruptcy Wednesday.

Woongjin backed out of a deal to sell Coway because of liquidity problems that led the company to file for receivership in Seoul Central District Court, the Korea Times reported.

Woongjin had sought a buyer for the profitable Coway unit since late winter after a Korean real estate crash hurt its balance sheet,...
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