Daewoo Creditors Qualifying List of 19 Bidders May 30, 2006

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Daewoo Electronics Corp. creditors today started shortlisting bidders for the South Korean home appliance OEM, according to The Korea Times.

As APPLIANCE reported on April 21, some 19 companies placed bids on Daewoo. Bidders included Whirlpool Corporation (Benton Harbor, Michigan, U.S.), which recently acquired U.S. appliance producer Maytag; Mumbai, India's Videocon Industries Ltd., which has been expanding its appliance business through major acquisitions in the last year; and Turkish appliance and consumer electronics OEM Vestel Elektronik Sanayi Ve Ticaret A.S.

Daewoo is described as the third largest South Korean appliance producer after Samsung and LG.

The shortlisting could be completed this week, after which time creditors would announce their list of "qualified" bidders.

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