SEOUL -- US-based private equity group Ripplewood has emerged as the preferred bidder to buy Daewoo Electronics, the company's leading creditor said yesterday.

A deal for the money-losing consumer electronics maker is hoped to be struck by year-end.

The bid price was not disclosed, but local reports pegged it in the range of  $288 million to $324 million. If correct, that marks up to a 43% drop from a bid submitted last year by a group led by Videocon Industries, which creditors rejected as too low.

Creditors own 97.5% of Daewoo.

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