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US private equity fund Ripplewood, is the other member of the consortium.

The proposal, which is believed to have reduced the price tag of the acquisition by 13 per cent, needs support from more than 75 per cent of the creditors to be carried. The deal will be cancelled otherwise.

"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," a Woori Bank executive was quoted as saying in the British newspaper.

"The negotiations, however, will be resumed if the Videocon consortium proposes an acceptable amendment," added the Woori Bank executive.

The creditors were due to hold a meeting to consider the proposal yesterday but instead decided to seek a written response.

The proposed acquisition fits into Videocon's strategy to become an Indian multinational as Daewoo operates six plants in South Korea and 18 overseas units.

In 2005, Videocon acquired French firm Thomson SA's colour picture tube manufacturing business for $ 129 million, followed by acquiring the Indian unit of Swedish firm Electrolux for $76 million.

Daewoo Electronics has been run by creditors since the Daewoo conglomerate collapsed under $ 80bn of debt in 1999. The company has undergone a radical restructuring aimed at returning it to profit. Although it ranks a distant third in Korea behind Samsung Electronics and LG Electronics, Daewoo's substantial sales in Europe and the US make it appealing to overseas bidders.

The company had posted a net loss of 94 billion won in 2005 from a 30.4 billion won net profit in 2004, according to the company's audit report, as a stronger won put pressure on its export-led business.

The city of Burleson is hosting the community's second electronics-waste recycling event from 9 a.m. to 2 p.m. Jan. 20, 2007 at the First National Bank of Burleson, 899 N.E. Alsbury, at the corner of Alsbury and the Interstate 35W service road.

Every holiday season, millions of people receive new home electronics, a city spokeswoman said.
"But as quickly as the latest television, computer, digital camera, mobile phone, video game console, or MP3 player is unwrapped, the older model is quickly discarded - usually in a closet or attic, city spokeswoman Sheri Campbell-Husband said.

This year, the city of Burleson and Keep Burleson Beautiful want people in the Burleson area to donate used electronic items, instead of throwing them away.  "Many of these products are still in perfectly good working condition and someone else might find them useful," Campbell-Husband said.
Those that are not operational can be recycled for reuse, or disassembled and sold for parts.
The city is partnering with ARC International Corp. for a special post-holiday collection, Campbell-Husband said. Burleson residency is not required to participate, and material from both residences and businesses will be accepted.

ARC will be accepting PCs, laptops, docking stations, terminals, monitors, keyboards, mice, networking equipment, cash registers, printers, scanners, copiers, fax machines, land and cellular telephones, modems, batteries, power chargers, VCRs, VCR tapes, DVD/CD players, projectors, cameras and more.

It will also accept car and small truck tires and window air conditioning units. For a complete list of the materials that will be accepted, visit www.burlesontx.com. A list will be provided on the environmental services Web page beginning Dec. 27.
Most of these materials will be accepted and recycled at no charge to the participants, but there are a few items ARC must charge a recycling fee for. Those are:

Televisions (27 inches or larger) $20
Televisions (25 inches or smaller) $10
Passenger car tires (3-18 inches) $1.50 each
Pickup truck tires (20-22 inches) $2 each
Window A/C units - $15 each for Freon disposal

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