There was a 31.6 percent difference between the books and the creditors for Daewwo Telecoms assets in August. The audit found that assets totaled only 2.25 trillion won, while debts reached 3.18 trillion won. Daewoo Electronics said its assets were 8.2 trillion won, but the banks' evaluation found just 2.5 trillion won. Daewoo Motor's ledger assets of 21 trilion won were reduced to 13 trillion won. Those those of Daewoo Heavy Industries were reduced from 13.2 trillion won to 9.2 trillion won.
Creditors expect more losses because the value of the group's overseas assets remain unstable.
Creditors will be mapping out debt workout programs over the next week to help Daewoo companies with the debts, but they may have to drop a few workout targets from the list due to these latest findings. Some of the 12 Daewoo companies may not receive creditors' support if their future value is deemed unworthy.