U.S. banks were moving last week toward a longer-term solution to South Korea's crisis that may include a $20 billion debt-for-bond swap combined with fresh funding for the troubled country.

The proposals were under discussion Friday at Chase Manhattan Corp. Participants represented Chase, J.P. Morgan & Co., Citicorp, Bankers Trust New York Corp., BankAmerica Corp., Bank of New York Co., First Chicago NBD Corp., and Merrill Lynch & Co.

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