Q Capital is working on the takeover on a full scale and the decision is likely at the creditors’ meeting in March The takeover of Dooyang Steel Co. by a third party is foreseen to be completed within the first half of this year, if everything goes well. The talks on the takeover of Dooyang Steel by a third party, which were in a stalemate for a time, are moving forward fast, as a company just called as “Q Capital” has set about working on taking it over on a full scale. It is understood that the Q Capital, which expressed sustained interest in taking over Dooyang Steel, has received individual consent from most of the creditors. The takeover money offered is about U.S.$11.3 million. While the Q Capital is receiving such consent from creditors, it has geared up for the takeover. The take-over by the Q Capital of Dooyang Steel will be decided at the creditors’ meeting. No specific date for creditors’ meeting has been set yet, which, however, is likely to be held in March. At the meeting will decide whether to approve the reorganization plan, the takeover money and conditions the Q Capital has presented. If the creditors’ meeting gives a go-ahead signal to the takeover by the Q Capital, the takeover by a third party of Dooyang Steel will ride on rapids, making it possible to finalize the takeover before May. However, if the creditors and the Q Capital fail to reach an agreement on the conditions the both parties have presented respectively, the takeover by a third party of Dooyang Steel could be protracted for a considerable period of time. An official related to the sector explained, “The Q Capital, which has been pushing ahead with the takeover, is showing aggressiveness by having already purchased some of its debentures, but it is not clear whether the company has secured the U.S.$11.3 million in cash and this could be a huddle.” He added, “The creditors have to decide the party to take over Dooyang Steel, considering the fact that it is not a simple matter related to a certain company, but has something to do with the restructuring in the sector of narrow-width cold-rolled steel products.” kimdy@kmj.co.