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. Last Updated: 07/27/2016

Banks Back Kia Deal

SEOUL, South Korea -- South Korean industrial giant Hyundai Group on Thursday won approval from creditor banks for its bid to take control of debt-laden Kia Motors Corp., creditor bankers said.

The endorsement came at a meeting of creditors of Kia Motors and its truck-building affiliate Asia Motors Corp. aimed at making a final decision on whether Hyundai's tender was acceptable to them.

The decision appears to end mark the end of 16 months of uncertainty over the fate of Kia, which went spectacularly bust in July last year, heralding the onset of South Korea's economic turmoil.