The US investment bank, Goldman Sachs, said yesterday that it was attempting to secure support from other creditors of the South Korean spirits company, Jinro, in its bid to have the Soju producer placed under court receivership.
Goldman Sachs said it and other foreign foreign creditors now control over 30% of the beverage maker’s outstanding debt of KRW1.705 trillion.
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Last week, Senna Investment, an Asian affiliate of Goldman Sachs, filed a petition with the Seoul District Court to have Jinro placed under court receivership after the company failed to meet debts due at the end of March.
Jinro has subsequently moved to secure the support of Korean creditors in a bid to defend itself from the Goldman Sachs petition. The court is expected to rule at the end of April.
