A private equity unit of Morgan Stanley has pulled out of a deal to buy South Korea’s Daewoo Electronics, in a second failed attempt for creditors to sell the loss-making appliance and television maker, Reuters reports.
Morgan Stanley Private Equity was picked in February as the top bidder for the electronics company, which had been put up for sale again after creditors last year scrapped a proposed $746 million sale to a foreign consortium.
Daewoo Electronics had been part of the now-defunct Daewoo Group and been put up for sale by creditors led by Woori Bank.
Full story is available at the Reuters web-site.