Hanmi Financial Corporation (HAFC)

[BEIJING BILL]

UPDATE 1-Hanmi says uncertain of meeting capital requirements
Mon Mar 15, 2010 6:28pm EDT
Stocks

Hanmi Financial Corporation
HAFC.O
$2.67
-0.01-0.37%
3:00pm EDT

Woori Finance Holdings Co., Ltd.
053000.KS
?14,500.00
-250.00-1.69%
12:00am EDT

* Says uncertain about ability to raise capital

* Says will continue to deleverage long-term assets

* Sees credit quality remaining a challenge in 2010

March 15 (Reuters) - Hanmi Financial Corp (HAFC.O), which is under regulatory orders to raise capital, said it was uncertain if it would be able to do so, raising substantial doubts about its ability to continue as a going concern.

Regulators require the troubled lender to increase its contributed equity capital by not less than an additional $100 million by July 31, 2010, the company said in a regulatory filing.

The Korean-American bank said it would continue to deleverage its long-term assets until the capital is raised.

Hanmi added that it sees credit quality remaining a challenge in 2010 with elevated levels of problem assets.

In February, Hanmi said it retained Capello Capital Corp to explore strategic options. [ID:nWNAB4201]

The company said on a stand-alone basis it has adequate liquid assets to meet operating cash needs through Dec 31, 2010.

Shares of the company closed at $2.67 Monday on Nasdaq. The stock soared since early this year, after Korea Times quoted a spokesman from Woori Finance Holdings (053000.KS), a large Korean bank, as saying the company was "on course" to acquire Hanmi. (Reporting by Jochelle Mendonca in Bangalore; Editing by Jarshad Kakkrakandy)

http://www.reuters.com/article/idCNSGE62E0UG20100315?rpc=44