S.Korea banks to roll over GM Daewoo's FX forwards

Newswire

SEOUL, April 29 (Reuters) - South Korean banks will roll over expiration of half of $890 million in short-term foreign currency forwards of GM Daewoo, the South Korean unit of cash-strapped General motors Corp , a lead creditor said on Wednesday. "Eight banks, which have forward contracts (with GM Daewoo), have all agreed to extend the maturity for half of the transaction value which are coming due in May and June by three months," the state-run Korea Development Bank (KDB) said in a ...

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