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.
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