(Bloomberg) The distressed South Korean builder that’s sparked concerns about project finance crises in a nation on alert against more flareups is heading into a pivotal moment.Most Read from BloombergSEC X Account Compromised to Falsely Say Bitcoin ETFs ApprovedAmazon’s Twitch to Cut 500 Employees, About 35% of StaffUS and Allies Met Secretly With Ukraine on Peace PlanBlackRock Cuts 3% of Global Workforce, Citing Dramatic Industry ShiftsXi, Biden and the $10 Trillion Cost of War Over TaiwanT
Weeks of irresponsibility concerning Taeyoung Engineering & Construction, the troubled affiliate of Taeyoung Group, is bringing into question the group’s ownership of SBS, a local broadcaster and the group’s most lucrative affiliate, according to market watchers Sunday.
(Bloomberg) South Korea is again in damage control mode, seeking to contain fallout from a construction firm’s debt woes that risk replicating replicating a recent credit crunch.Most Read from BloombergIslamic State Claims Responsibility for Deadly Iran BlastsBusiness Insider Says Ackman’s Wife Plagiarized Doctoral ThesisJust a Billion Doesn’t Cut It on This Exclusive Florida IslandHuawei Teardown Shows 5nm Chip Made in Taiwan, Not ChinaChinese Stock Indicator With 100% Success Rate Is Flashi
(Bloomberg) A Korean builder whose plan to restructure debt prompted a rating agency to warn of spillover risk slid on Thursday, fueling concerns in a nation on alert for crises in project finance.Most Read from BloombergConfidential Jeffrey Epstein Documents Unsealed by New York CourtFed Sees Rates Staying High for Some Time With Cuts Eyed in 2024Saving the Panama Canal Will Take Years and Cost Billions, If It’s Even PossibleTech Stocks Log Four-Day Losing Streak, Bonds Rise: Markets WrapIra
Three local ratings agencies are coming under heavy criticism for slashing credit ratings for Taeyoung Engineering and Construction, only hours after the troubled builder filed for debt workout, on Dec. 28 of last year. They are Moody s Investors Service-affiliated Korea Investors Service, Korea Ratings and NICE Investors Service.