Kumho Asiana Group has appointed Deloitte Anjin as co-adviser on the sale of its leisure unit Kumho Resort after earlier hiring NH Investment & Securities for the same role, which could speed up the auction process according to industry sources.

The move is aimed at addressing possible concerns from the group’s creditors about fairness in the selection of deal advisers, industry watchers said on Friday (October 23). The cash-strapped conglomerate mandated NH Investment & Securities for the sale of the resort earlier this month under an agreement on refinancing loans that the brokerage firm arranged for Kumho T&I, the largest shareholder of Kumho Resort.

The group also apparently wants to increase the chances of the sale being a success. “A successful sale depends on investor interest in golf courses that belong to Kumho Resort, and the seller was clearly impressed by Deloitte Anjin’s strong track record in golf club deals,” said a source from the investment banking industry.

Kumho Resort has three separate businesses operating resorts, water parks and golf clubs. While investors are skeptical about the prospects of the resort business, which was hit hard by the Covid-19 pandemic, several potential buyers have already expressed interest in the company’s golf clubs, according to sources.

Deloitte Anjin created a team dedicated to golf club deals in 2013, the first such move among major South Korean accounting firms. Most recently, it worked with Doosan Group on the sale of Club Mow Country Club, which was sold to Moa Construction for 185 billion won ($163 million), or a record 6.8 billion won per hole.

NH Investment & Securities and Deloitte Anjin will start marketing the sale of the company to prospective buyers in November, with the first round of bidding expected to be held in December. (Reporting by Byung-yoon Kim and Myeong-kwan Lee)