Bankrupt Woongjin halts $1.1b Coway sale to MBK
MBK Partners’ KRW1.2 trillion ($1.1 billion) investment in water purifier business Woongjin Coway appears to be on shaky ground after parent company Woongjin Holdings filed for court receivership on Wednesday and put the deal on hold.
Woongjin agreed to a sell 31% of its Coway unit to MBK in order to reduce debts that had spiraled following heavy investments in solar energy and the impact of a slowing South Korean real estate market...
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