IMM consortium picked as preferred bidder for Ecorbit

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The story "IMM consortium picked as preferred bidder for Ecorbit" was covered 1 weeks ago by Korea Economic Daily, a news publisher based in South Korea.

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IMM consortium picked as preferred bidder for Ecorbit - Korea Economic Daily

Quick Summary:

According to sources in the Korean investment banking industry on Monday, TY Holdings Co., Taeyoung Group’s holding company, has notified the IMM consortium as the sole preferred bidder for Ecorbit’s full stake up for sale.

If the sale of Ecorbit is completed as planned, Taeyoung will be able to repay 400 billion won to KKR, which TY Holdings borrowed at an interest rate of 13% in January.After KKR takes 1.05 trillion won for 50% of Ecorbit's full stake and receives 400 billion won from TY Holdings, Taeyoung is expected to have the remaining 400 billion won to 500 billion won from the sale of Ecorbit.

As the IMM consortium is expected to place Korea’s largest landfill company under its wings, the latter’s major shareholder Taeyoung Group with a 50% stake is also projected to expedite its restructuring process with the proceeds from the stake sale.