Mi Ju Corp. might get some debt relief

The committee of creditors of the Mi Ju Corp., currently under the management of the president of the Korean Federation of Small Businesses Park Sang-Hee, has decided to do an on-site evaluation to re-examine the loan status of Mi Ju and its repayment program.

Final approval of the debt adjustment will be made after the on-site evaluation.

The committee of creditors held a meeting on August 5 with representatives from 16 financial institutions and passed the resolutions for the debt readjustment and principle repayment schedule, as well as the evaluation, by margins of 80.17% and 86.32% respectively.

The committee has decided to utilize the service of an audit accounting company for the on-site audit. With the information provided by the auditor, debt rescheduling will be worked out.

Accordingly, Mi Ju, which had been in a verge of collapse, might find a way out of its dire predicament. With the decision by the committee, the questions surrounding the president of the company also will be put on hold.

It has been revealed that Mi Ju has asked for a lowering of the interest rate to a preferential customer rate on its debt as of the end of June and asked for a rollover of its principle debt repayment to begin in 2003.