Ripplewood, the US private equity firm, and a Russian manufacturer have both submitted bids to acquire Daewoo Electronics, the South Korean’s group’s main creditor said on Wednesday.

This is the third attempt in two years to sell the loss-making electronics company, which has been run by creditors including Woori Bank and Korea Asset Management Company, since its parent group collapsed with $80bn of debt in 1999. The Korean company sells TVs, air conditioners and refrigerators.