Korea Express postpones merge

Korea Express, under court receivership, decided to put on hold its M & A process.
The company revealed July 24 that though it has looked for a merge with another company to escape court receivership as soon as possible, it decided to wait for the right time to maximize the company value and to get rid of difficult factors related to a construction project in Libya.
So, Korea Express will remain under its current management for the time being.
The company explained that it is a first step to solve its position as a guarantor of Dong-Ah's debts related to construction in Lybia. The purpose is to maintain company value, which the current situation with Dong-Ah undermines.
Julies Capital - PwC (Pricewaterhouse Coopers), the managing company for the Korea Express M&A process, said that many companies expressed interest in Korea Express, but they it is still possible to resume the process before the start of 2003 when the project in Lybia is over. He also added that the final decision will be made by Julies Capital, Korea Express, and the court at the end of July.
Korea Express went into court receivership as its parent company, Dong-Ah construction, went into bankruptcy. Dong-Ah is participating in the Lybian project with a 12.89% share.