Kitchen Appliances

(Reuters) Creditors of South Korea’s Daewoo Electronics have chosen five candidates including Electrolux (ELUXb.ST) and Ripplewood to buy the appliance maker in a preliminary bidding, a local media report said. It is the fourth attempt to sell creditors-owned Daewoo Electronics, once a flagship of the failed Daewoo Group. MoneyToday said that Daewoo’s creditors shortlisted five viable candidates among those who submitted letters of intent — Sweden’s appliance giant Electrolux, U.S. private equity firm Ripplewood Holdings, South Korean cooking appliance maker Tong Yang Magic (023020.KQ), a Middle East firm and an appliance player in Mexico. An official at Daewoo’s leading creditor Woori Bank confirmed creditors had received multiple letters of intent but declined to identify any preliminary bidder.

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Daewoo Sale

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