Muju Resort to be sold to foreign investor

The Muju Resort, located in North Cholla Province, is to be sold to World CI Consortium, a U.S. filmmaker in Hong Kong.

As a result of the second bidding for the sale of the resort, which was arranged by North Cholla Province and Ssang Bang Wool, World CI Consortium was awarded the contract at for about 180 billion won.

The American firm will initial the contract before Dec. 26 and will conclude a formal contract in early February after a month-long inspection of the Korean company's financial status to finalize the price for takeover.

Muju Resort went bankrupt in 1997 and has been under court receivership since August 1999. Previously, some foreign companies have shown interest in the resort, but creditors faced difficulties in selling the company with the first bidding in April ending in failure.