Hyundai and creditors launch negotiations

On Thursday, Hyundai and its main creditor bank, the Korea Exchange Bank (KEB), launched working negotiations in order to prepare a self-rescue plan.

Lee Yeon-Soo, vice president of KEB, stated that because Hyundai asked to begin negotiations on this day, bank representatives in charge of the Hyundai section of the credit evaluation department and Hyundai Group`s personnel in charge of funds began working-level talks.

Vice president Lee said that among KEB`s three demands for the Hyundai side, Hyundai should first discuss the affiliation severance problem with the Fair Trade Commission and solve its management structure improvement difficulties independently.

Also, regarding whether a deadline for the submission of a self-rescue plan had been decided and set, he said that Hyundai had been given until the 19th, but noted that due to the market`s unstable condition, the demands of the creditor banks must be decided upon as soon as possible.