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Copyright 2000 AFX News Limited

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AFX - Asia

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August 29, 2000 Tuesday

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SECTION: COMPANY NEWS

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LENGTH: 139 words

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HEADLINE: Woo Bang Housing files for court receivership

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DATELINE: SEOUL

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BODY:

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Woo Bang Housing & Construction Co Ltd has filed for court receivership after it was declared insolvent by creditors yesterday, key creditor Seoulbank said.

That is the first time that a local company under debt workout plans has had to seek court protection, the bank said.

Of 1 trln won in outstanding borrowings from financial institutions at the end of June, it owed 207 bln won to H&CB, 181 bln won to Seoulbank, 126 bln won to Daegu Bank, 105 bln won to Credit Guarantee Fund, 58.4 bln won to Kyungnam Bank, 54 bln won to Kookmin Bank, and 46 bln won to Hanvit Bank.

The medium-sized apartments builder, which is based in the Daegu area of Kyongsang Province, has some 2,500 subcontractors, Seoulbank said.

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LANGUAGE: ENGLISH

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LOAD-DATE: August 29, 2000