Samick Financial News

[Don Mannino]

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From: 	Glenn Grafton[SMTP:gleng@fast.net]
Sent: 	Tuesday, October 29, 1996 1:36 PM
To: 	pianotech@byu.edu
Subject: 	Samick Fiancial News

I just heard something about Samick from another supplier--that there =
was
some very negative financial news reported in the Korean newspapers. I
don't want to spread any inaccurate information, but would like to know =
if
it's accurate. Does anybody know anything more about this?

Glenn Grafton

List,

Yes, there is bad news, although all the details and ramifications are =
not clear. Here are the facts that I have heard from multiple  sources:
- Samick Korea was forced to declare Chapter 11 bankruptcy by the Korean =
Government.
- The U.S. branch is fine, profitable, and still operating normally.
- Samick America said that the factory is still operating normally, =
although some others have said they may not be able to  manufacture for =
a while.
- Samick Musical Instruments is a profitable company, but some of its =
other holdings in other industries were real money losers. Apparently =
these are the companies which caused the cash flow problems and forced =
the bankruptcy.

It seems most likely that someone will purchase the music divisions and =
maintain operations, in spite of some rumors saying that the government =
will liquidate the company


Don Mannino RPT, Manager
Kawai Piano Technical Support, U.S. and Canada




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