South Korea s Latest Debt Wreck Faces a Reckoning With Creditors bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Taeyoung Group, the parent company behind the debt-ridden Taeyoung Engineering & Construction, said it will put up its stake in TY Holdings and broadcaster SBS as collateral to secure liquidity, responding to demands calling for a higher level of self-rescue plan. While Taeyoung Group has announced some measures to secure the funds to repay the debts of Taeyoung E&C, including the sales of its resort operator.
Yoon Se-young, founder and honorary chairman of Taeyoung Group, has pledged to offer key stakes of SBS, a major broadcaster in Korea, and TY Holdings, to salvage the group s debt-ridden construction subsidiary, if necessary.
The government called on troubled Taeyoung Engineering & Construction Co. on Monday to present additional self-rescue measures to gain the trust of creditors and initiate a debt workout process, the finance ministry said. Last month, the midsized builder applied for a debt restructuring program due to a liquidity shortage over real estate project financing loans and announced a set of self-rescue measures. But cr.
The government called on troubled Taeyoung Engineering & Construction on Monday to present additional self-rescue measures to gain the trust of creditors and initiate a debt workout process, the finance ministry said.