Sourcing deals through South Korea's bankruptcy courts is notoriously complicated, but even by these standards Korea Line presented a challenge. The sale process was officially launched late afternoon on December 21, the Friday before what most people treated as a long weekend, given that Christmas Day fell on the following Tuesday. The deadline for submitting letters of interest was December 26, with due diligence commencing on January 2.
In all fairness, time was of the essence. Korea Line, the country's fourth-largest shipping company, entered bankruptcy and restructuring in early 2011 and the process was protracted by creditors waiting...
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