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Belarus has little hope of winning loans from Western governments, so Russia and other former Soviet states are negotiating a bailout.
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The bank's subsidiaries also "won" loans-for-shares auctions for a controlling stake in Russia's fifth-largest oil company, Sidanko, shipping companies and other concerns.
Intense competition for corporate and industrial loan business is another problem as banks cut deals and lower underwriting standards to win loan assignments.
But its plans for emerging from bankruptcy depended heavily on winning the loan guarantees, and the board's decision was a serious setback.
A homeowner in Minneapolis who teamed up with her Occupy Our Homes activist son has succeeded in winning a loan modification from CitiMortgage.
The low price would force the banks to write off 3.4 trillion won in loans.
To win emergency loans, the government had to scramble to satisfy conditions imposed by the fund.
At 350 trillion won ($265 billion), loans to individuals and households now account for around half of Korean bank and non-bank lending.
In mid-March the government announced it would bring forward 3 trillion won ($2.7 billion) of spending planned for later in the year, and attempt to expand corporate investment by another 7 trillion won through loans from state-owned banks and expansion schemes at state-owned firms, among other measures.
The following month, Mr. Sternlicht and a group of investors — including TPG Capital, WLR LeFrak and Perry Capital — won the loans in an auction run by the Federal Deposit Insurance Corporation, paying $554 million for 40 percent of the package, valuing the debt at 60 cents on the dollar.
While an Alfa Romeo S.U.V. may not be the kind of vehicle envisioned by some when Chrysler and Fiat won government loans, Fiat officials said Chrysler's new offerings would have more fuel-efficient technology, whatever the size of the vehicle.
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