While Dhoot-promoted Videocon, along with US-based equity firm Ripplewood, insisted on a price cut of up to 13 per cent after conducting due diligence of Daewoo, sources in the know said that the creditors' would take a call next week.
They, however, said that in case creditors did not agree to the price cut, the process for sale of the ailing company would have to start afresh.
Videocon officials were tight-lipped on the issue of price cut as also the resistance by the creditors led by Woori Bank, who are collectively running the company since the Daewoo conglomerate collapsed under 80 billion dollars debt in 1999.
Meanwhile, Financial Times of London quoted Park Jun Tae of Woori Bank as saying that "the deal could be nullified... we expect it will take one or two days to get the result as each of the creditors has to choose whether they agree or disagree with Videocon's proposal."
The British daily quoting Woori Bank said the planned $750 million sale of Daewoo electronics could be nullified next week if creditors reject a proposal by the Videocon led consortium to cut the price tag by 13 per cent.
Unless more than 75 per cent of the creditors agree to the proposal, the deal would be cancelled, FT said. The buyers had earlier proposed to boost capital investment in Daewoo, while adding that they would conduct due diligence and might adjust the offered price.
