HONG KONG - U.S. banks stand to recover a portion of the hundreds of millions of dollars in losses they have recorded on loans to South Korea's Daewoo Corp.On Sunday banking companies led by Chase Manhattan Corp., HSBC Holdings PLC, and ABN Amro NV agreed to write off 60% of their loans to the financially ailing conglomerate. Banks had originally agreed to write off no more than 55%, rejecting demands by the South Korean government that they write off close to 65%.

Banking sources estimated that U.S. banks hold close to $1 billion of some $6.8 billion in loans to Daewoo. Most of the rest is held by several hundred European and Japanese banks.

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