Seoul, July 30: SK Global's chief foreign and local creditors today said they had struck a deal to reschedule the debt of the ailing trading arm of South Korea's third largest conglomerate, the SK Group. The deal, reached at talks in Hong Kong yesterday, ended weeks of wrangling over the fate of SK Global, paving the way for the firm's survival.

The steering committee of foreign creditors said in a statement issued in Seoul today that under the deal they agreed to have 43 per cent of their debt repaid in cash as required by local creditors.
Foreign lenders could receive an "incentive payment" of up to another five per cent, according to their contribution to SK Global's rescue efforts, it said.
The deal has been put before all foreign creditors for final approval, it said, adding further details would be worked out over the next few weeks.
The agreement was seen as a climbdown by foreign lenders who had previously wanted 72 per cent of their debt to be repaid in cash, with the rest coming in the form of bonds. Bureau Report