Word: daewoo
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...That isn't to say Daewoo's demise wasn't painful. The government and banks stage-managed Daewoo's unwinding to soften the blow to the economy. The group was broken apart. Some assets were sold. (Ironically, GM acquired some of Daewoo's car company.) Other affiliates got debt restructurings; a government agency bought up Daewoo loans from the financial sector at a discount. Billions were lost. But the whole concept that Daewoo was too big to fail proved false. The reality was that Daewoo had become more burden than boon. Many of the loans it had gobbled up were...
...Take, for example, the 1999 collapse of South Korea's gargantuan Daewoo Group in the wake of the Asian financial crisis. The end of Daewoo, one of the country's four largest industrial conglomerates, was a shocker, but not because anyone was surprised by Daewoo's abysmal financial condition. That was obvious. The group was amassing dizzying amounts of debt in an ill-conceived global expansion (especially at its car company). A year earlier, I had called Daewoo's madcap strategy "corporate suicide" in the Wall Street Journal. The surprise was that policymakers and bankers had the guts to allow...
...consequences of a Daewoo failure looked catastrophic. Daewoo, it turned out, had about $75 billion in debt and other liabilities - a hit the Korean banking sector could ill afford. The banks had just been yanked from the abyss by a government bailout (sound familiar?) made necessary by the 1997-98 Asian financial crisis. And the timing also could not have been worse: the economy was emerging from its deepest recession since Korea's accelerated growth began in the early 1960s. Arguably, a Daewoo collapse was more threatening to Korea than, say, a GM bankruptcy would be to the U.S., simply...
...Well, not really. The Korean economy didn't fall into the Pacific after Daewoo's tumble as many had feared. Korea's GDP grew 9.5% the year Daewoo failed, and 8.5% the next. (See pictures of the global financial crisis...
...latest bid to combat rising food costs and economic uncertainty, South Korean natural-resource-development company Daewoo Logistics said on Nov. 19 that it signed a 99-year lease to farm oil palms and corn on more than 2.5 million acres of land in Madagascar. A Madagascar land minister refuted the claim, however, saying the agreement allowed Daewoo only the right to search for about 250,000 acres of arable farmland. Other countries being scouted...