[THE INVESTOR] Two suitors have participated in the bid to acquire Suwan Energy, according to the Seoul Central District Court on Sept. 23.

“Two companies have turned in letters of intent,” said a source at the bankruptcy department of the court adding that “a preferred bidder will be chosen next week.”

The sale of South Jeolla Province-based heat and power plant operator will be used to pay off the 106 billion won (US$95.91 million) debt of its parent company Keangnam Enterprises which owns 70 percent stake in the community energy provider.

After two failed attempts at a package deal, the parent company decided to sell Suwan Energy only, for an estimated price of 50 billion won.

By Hwang You-mee (glamazon@heraldcorp.com)