SK says 5 7/8% noteholders approve creation of subsidiary

By Laura Lutz

Des Moines, June 14 - SK Corp. announced that holders of its $300 million of 5 5/8% notes due 2011 approved the company's reorganization plan to split off its energy-related businesses to a new subsidiary, SK Energy Co., Ltd., and to convert SK into SK Holdings Co., Ltd.

Under the plan, SK's obligations under the notes would be transferred to SK Energy.

The approval was granted at a special meeting of noteholders on June 14. The company said that a quorum was present.

The company announced on May 23 that it would seek approval for the plan.

For further information, noteholders can contact the company at (82) 2-2121-5478 (attention: Jung-Tae Choi).

SK is a mining and energy conglomerate based in Seoul, South Korea, with interests in petroleum products, chemicals, lubricants and coal products, as well as the exploration, production and development of natural resources. The company also operates more than 3,600 filling stations

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