The LG Group and the creditors of LG Card have reached a dramatic compromise which removed barriers to a bailout plan and headed off a feared bankruptcy of the country's largest credit card issuer, banking authorities said Friday. \nThe last-minute deal, struck between LG Card's creditors and top LG Group officials during an overnight marathon meeting, saved LG Card from a threatened liquidation and put it on a solid path toward normalization, they said. \n"I am very happy to bring on the eve of New Year's Day good news to the whole nation," Governor Yoo Ji-Chang of Korea Development Bank (KDB) said at a news conference. \nKDB is one several creditor banks of LG Card. \n"The creditors and the LG Group have agreed to contribute 500 billion won (US$479 million) each to the recapitalization program," Yoo said. \nThe size of the rescue package was reduced to 1.0 trillion won (US$958 million) from an initial 1.2 trillion won, as LG Card's performance had been improving considerably over the past year, he said. \nLG Card, which slipped into financial crisis in the second half of 2003, shifted back into the black in September 2004. KDB and other bank creditors had urged LG Group to join in a new rescue package for the ailing former LG unit, threatening to cut credit lines to the country's second-largest conglomerate if it had refused. \nKDB said previously that LG Group could sell LG Card bonds and commercial paper it holds to creditors at a discount price in a cash buy-out deal, or convert some 875 billion won worth of commercial paper into equity. \nThe creditors later eased their stance, suggesting that the debt-equity swap could be lowered to 770 billion won and then to 670 billion won, while LG Group had gradually raised its offer from an initial 264.3 billion won. \nUnder the final agreement, LG Group's largest individual share holder -- LG Group's patriarch Koo Bon-Moo -- would take on some 235.7 billion won to help increase LG Card's capital. \nLG Card President Park Hae-Choon said starting from this year, the company would be able to post 200 billion won of net profits every year. \n"We won't need any additional aid," he said.
‘HERO OF THE ERA’: President Tsai Ing-wen expressed deep sadness at Lee’s passing, and told the government to assist his family with all their needs Former president Lee Teng-hui (李登輝) passed away at 7:24pm yesterday at Taipei Veterans General Hospital. He was 97 years old. The hospital stated the cause of death as septic shock and multiple organ failure. Lee had been hospitalized there since February, when he choked on a mouthful of milk at home. He was later diagnosed with pulmonary infiltrates and aspiration pneumonia. The hospital said that Lee had been treated with antibiotics, but that his health had not improved, as his advanced age and diabetes had inhibited his immune system and led to recurring infections. During his hospitalization, Lee underwent daily kidney dialysis, which removed
‘WEAK POSITIVE’: The man arrived in Taiwan in May and was quarantined for two weeks, Chen Shih-chung said, adding that he might be infected a long time ago The government is considering tightening mask-wearing rules again in light of a potential domestic COVID-19 infection, Minister of Health and Welfare Chen Shih-chung (陳時中) said yesterday. The Central Epidemic Command Center (CECC) confirmed seven new COVID-19 cases, six of which are imported. The other case involves a Belgian engineer who entered Taiwan on May 3 and remained in quarantine until May 17, said Chen, who heads the CECC. Although the source of infection has yet to be identified, the case could end the nation’s record of not having any domestic cases in the previous 110 days. The Belgian, in his 20s, is a technician
RECEIVING TREATMENT: President Tsai Ing-wen, Vice President William Lai and Premier Su Tseng-chang visited former president Lee Teng-hui yesterday morning Taipei Veterans General Hospital yesterday rebutted speculation that former president Lee Teng-hui (李登輝) had died a day earlier, saying that he was weak, but receiving treatment. The hospital said the 97-year-old Lee was not in good condition and needed ongoing care, adding that if there are any changes in his condition, it would make those public. The comments came after rumors emerged online on Tuesday that Lee had died after being hospitalized since early February. Soon after the unsubstantiated rumors emerged, reporters started flocking to the hospital seeking confirmation. Lee was admitted to Taipei Veterans General Hospital on Feb. 8 after choking while drinking
ROAD TO HISTORY: When Lee Teng-hui joined the KMT, the likelihood of a Taiwanese becoming ROC president, much less its first directly elected one, was hard to imagine Lee Teng-hui (李登輝), who was born on Jan. 15, 1923, in the farming community of Sanshi Village, Taihoku Prefecture — now New Taipei City’s Sanzhi District (三芝) — during the Japanese colonial era, and rose to become mayor of Taipei and not only the Republic of China’s (ROC) first Taiwan-born president, but its first directly elected one as well. Educated in the Japanese educational system of the time, Lee, who spoke Japanese, Hoklo (also known as Taiwanese), Mandarin and English, won a scholarship to Kyoto Imperial University, but his studies were interrupted by World War II. He earned a bachelor’s