Daewoo Electronics creditors in South Korea cleared five bidders, including four foreign firms outside Korea, to perform due diligence as a step toward acquiring the appliances and TV OEM, according to a Reuters report.
The number of companies that originally submitted bids for Daewoo varies according to different media reports. Media outlets in Seoul say 19 companies placed preliminary bids on the company, including Whirlpool Corporation (Benton Harbor, Michigan, U.S.); Mumbai, India's Videocon Industries Ltd.; and Turkish appliance and consumer electronics OEM Vestel Elektronik Sanayi Ve Ticaret A.S. It is unknown if any of these companies are among the short-list of bidders. Reuters quotes a spokesperson for the creditors saying binding bids will be expected in July.
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