Doosan Group on track to repay debts with assets sale
South Korea's Doosan Group is on track to repay debts worth 1 trillion won by the end of the year by selling its assets, including affiliate Doosan Solus Co. and a golf course.
A deal has been signed for Doosan to sell its golf course Club Mow for 185 billion won to a Hana Financial Investment Co.-led consortium.
The agreement is subject to a two-week review of the golf course's books by the consortium.
The group had chosen private equity fund SkyLake Investment Co. as the preferred bidder for its Doosan Solus Co., a battery copper foil maker.
Doosan Group is also in negotiations with property developer Daewoo Development Co. to sell its Doosan Engineering & Construction.
Chinese property developer, JL Global Co. of the Shanghai Fenghua Group, is the largest shareholder of Daewoo Development with a 56.6 percent stake.
Doosan Group has kept mum on its other asset sales.
State-run Korea Development Bank and Eximbank have infused 3.6 trillion won into the group's power plant builder Doosan Heavy Industries & Construction Co.
In return for the financial support, the group will sell assets to repay its 1 trillion won debt by the end of the year.