Kia says to pay off 300mil euros of debt in cash
Kia has found it difficult to issue bonds to refinance debt amid global financial turmoil. -Reuters
Mon, Nov 24, 2008
Reuters
SEOUL - Kia Motors Corp , South Korea's No.2 auto maker, said it had decided to pay 300 million euros worth of debt due on Monday in cash.
"We will pay all of the debt in cash today," Michael Choo, a company spokesman, said by telephone.
Kia, an affiliate of the country's top car maker Hyundai Motor Co , has found it difficult to issue bonds to refinance debt amid global financial turmoil and a looming worldwide recession that has hit auto demand.