Daewoo Logistics in Receivership

Daewoo Logistics, a mid-sized South Korean shipping and logistics company, has filed for court receivership after struggling to pay back maturing debts, the Financial Times reported. The filing came after its rescue talks with Posco, the steelmaker, fell through. Daewoo was also hit hard by the failure of its deal to lease a huge tract of farmland in Madagascar, which fell through because of a military coup in the African nation. Daewoo floated the plan in January to lease 900,000 hectares of land with infrastructure investment worth $2 billion, but the deal came to an abrupt end in March as the new government in Madagascar shelved the plan. The company was spun off from the bankrupt Daewoo conglomerate and bought by former Daewoo executives in 1999. Read more. (Subscription required.)