Reuters: Bankruptcy News: Woongjin $1.1 bln Coway sale "halted" after bankruptcy filing

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Woongjin $1.1 bln Coway sale "halted" after bankruptcy filing Sep 26th 2012, 12:27 SEOUL, Sept 26 | Wed Sep 26, 2012 8:27am EDT SEOUL, Sept 26 (Reuters) - Woongjin Holdings said the sale of water purifier maker Woongjin Coway to local private equity fund MBK Partners was "halted" after the holding company filed for court receivership earlier on Wednesday, throwing the $1.1 billion deal into question. Woongjin Holdings is Woongjin Coway's largest shareholder with a 28.4 percent stake. MBK Partners agreed to pay 1.2 trillion won ($1.1 billion) for a combined 31 percent stake in Woongjin Coway in August. The deal was expected to be one of the largest private equity-led deals in Asia this year. MBK had been due to complete payment in a few days, sources familiar with the deal said. Officials at Woongjin Holdings, Woongjin Coway and MBK Partners did not immediately respond to requests for comment.

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