Hanbo Steel's creditors to sue Nabors

Creditors of Hanbo Steel, including Korea Asset Management Corp., announced Thursday that they would file a lawsuit against the Nabors-led consortium of the United States, which broke its contract for acquisition of the Korean steel maker, in a U.S. federal court.

KAMCO officials said that they were told from their American lawyers that they could win in the lawsuit for compensation of damage. The creditors are expected to hold a meeting of creditors and pass the resolution to file a lawsuit against Nabors.

They said that the MacDonet law firm was one of the leading law firms in the United States, noting that they expect good result from the case.

Hong Chan-Sun hcs@donga.com